According to Moneycontrol, documents released by Zapkey.com show that Surat-based diamond merchant Ghanshyambhai Dhanjibhai Dholakia’s company has purchased a bungalow worth ₹185 crore at Worli Seaface in the city of Mumbai.
On July 30 i.e. Friday, the property deal was registered, whose seller is Essar Group-owned Arkay Holding Ltd. Hari Krishna Exports Pvt. Ltd. (HK) has bought the 19,886 sq ft property called Panhar Bungalow which comprises of a basement, ground floor along with six other floors.
After reviewing a copy of the documents, Moneycontrol reported that two transactions had been registered for ₹185 crore with the first one being an assignment of lease of land measuring 1349 square metre for ₹47 crore. For the loan of the land, ₹36.5 crore has been paid directly to Indiabulls Housing Finance. A payment of stamp duty at the rate of five per cent i.e. ₹2.57 crore has been made.
The second registered document is the conveyance of residential building for ₹138 crore. A 6 per cent stamp duty i.e. around ₹8.3 crore has been paid. A cess of one per cent was remitted, which is ₹1.83 crore, resulting in the payment of ₹6.91 crore for balance stamp duty.
On 26th August 2020, the government of Maharashtra had reduced stamp duty on housing units temporarily from 5 per cent to 2 per cent until the end of the year to strengthen the real estate market devastated by the COVID-19 pandemic.