A Surat-based diamond firm bought a bungalow in Mumbai’s Worli for a mind-blowing amount of Rs. 185 crore. Known as the ‘Panhar bungalow’, the monster estate has a basement and ground-plus-six stories. It is located opposite Worli sea face, which is one of the most sought-after locations in South Mumbai.

The diamond firm, headed by Ghanshyambhai Dhanjibhai Dholakia, bought the bungalow that occupies an area spread over 19,886 square feet. It was purchased by Harikrishna Exports Private Limited from Arkay Holding Limited.

The elder brother of Ghanshyambhai, Savji Dholakia, said that the property was meant for a family home.

“We were searching for a high-end property which will be able to accommodate our joint family. This bungalow suited our requirement perfectly,” Hindustan Times quoted Savji as saying.

The deal for the property was registered on Friday. The transaction was concluded through two agreements that included the assignment of a lease of around half an acre land parcel and conveyance of the residential building.

Economic Times reported that the land lease was transferred for Rs 47 crore and the residential building was sold for Rs 138 crore. All this data was acquired through Zapkey.com, which is a real estate data analytics and research firm. For the lease, Rs 2.57 crore was paid as stamp duty, while for the sale, Rs 8.30 crore was paid as stamp duty.

Sandeep Reddy, co-founder, Zapkey.com, said: “Since there is a shortage of bungalows, especially in south Mumbai, they attract huge demand and buyers are ready to shell out premiums to acquire them.”

Savji often makes the news for lavishing his employees with gifts like cars, houses as well as jewellery. In 2018, he gifted cars to 600 of his employees.

The last bungalow deal happened in April when the Founder of DMart, Radhakishan Damani, bought a two-storeyed bungalow for Rs 1,001 crore. Damani, along with his brother Gopikishan Damani, had purchased the property at the tony Malabar Hill area. They had paid a stamp duty of Rs 30.03 crore for the property.

As per an ET report, the last big transaction for a property on Worli sea face took place in 2012. During that transaction, Hindustan Unilever sold its guest house and training centre ‘Gulita’ for Rs 452 crore.