During the lockdown, at the time when the country is going through an economic slowdown, a merchant based out of Gujarat has bought a Bungalow worth Rs 185 crore at Worli Sea Face in Mumbai, Maharashtra.
Leading Surat diamond merchant, Savji Dholakia and his family have bought a Rs 185 crore the six-storeyed bungalow which also has a basement is known as ‘Panhar Bungalow’. Panhar Bungalow, which was previously owned by Essar Group. The 19,886 sq ft property is registered in the name of Ghanshyam Dholakia, the younger brother of Savji.
Dholakia said that they were looking for some property to accommodate their staff and family members. They bought it from Essar and it is at a location from where their workplace and offices can be conveniently reached.
According to Zapkey.com, a real estate data analytics and research firm that has scanned the documents revealed that were two documents registered — assignment of the lease of land and conveyance of the residential building.
In the assignment, the amount of ₹47,00 crore was paid for which ₹2,57 crore was paid as stamp duty. The conveyance was valued at ₹138 crore for the bungalow, while ₹8.30 crore was paid as stamp duty.
This is not the first time Savji has been in news. He has been known for rewarding his employees with lavish gifts on Diwali. He has gifted his employees’ cars, houses and jewellery. In 2018, he gifted cars to 600 employees and Prime Minister Narendra Modi handed over the keys to some of the beneficiaries in Delhi.
The Dholakia family is a native of Dudhala in the Amreli district. Hare Krishna Exports has an annual turnover of Rs 7,000 crore from diamond exports and jewellery manufacturing. Initially, they had set up a diamond polishing unit in the city before expanding its operations to Mumbai and the across the globe over the last 30 years.
“Our manufacturing unit is located in Santacruz Electronic Export Processing Zone (SEEPZ) SEZ and office at Bandra Kurla Complex. We already have a couple of residential properties in Mumbai. But this property will accommodate more employees and family members,” added Dholakia.
Dholakia has also developed water sports activities in his native village in Amreli.
