September 26, 2021

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Diamond merchant who gave expensive gifts to employees bought a building worth Rs 185 crore in Mumbai

Diamond merchant who gave expensive gifts to employees bought a building worth Rs 185 crore in Mumbai

Highlights

  • Surat’s diamond merchant Savji Dholakia bought a building in Mumbai
  • The deal for this 6-storey building located in Worli was done for Rs 185 crore
  • Savji Dholakia is famous for giving expensive gifts to employees

New Delhi
Surat-based diamond merchant Savji Dholakia, famous for giving expensive gifts like flats and Mercedes to his employees, is once again in the headlines. He has bought a 6-storey building in Mumbai’s luxurious Worli Sea Face area for Rs 185 crore. Essar Group company Arkay Holdings has sold this asset to Savji Dholakia’s company Hari Krishna Exports.

The name of this property is Panhar and it has around 20,000 square feet of carpet area. It has basement ground floor and 6 storeys. The per sq ft price of this property for the deal was pegged at Rs 93,000. The transaction amount also includes two registrations. Of these, one is related to the lease of 1350 square meters of land for Rs 47 crores. Stamp duty of 5 per cent i.e. Rs 2.57 crore was paid on this. Rs 36.5 crore was paid directly to Indiabulls Housing Finance for the loan against the land.

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Famous for giving expensive gifts to employees
The second registration was done for the transfer of residential building for Rs 138 crore. Stamp duty of Rs 8.3 crore is made on this at the rate of 6 per cent. Out of this, the stamp duty of Rs 6.91 crore was paid after deducting 1 per cent cess. According to the documents, Rs 108.25 crore was paid directly to Indiabulls. Savji Dholakia, founder and chairman, Hari Krishna Exports, confirmed the deal to The Economic Times. Essar has used the funds from this deal to pay off its debt. Arkay Holdings had kept this property as security for availing the loan.

Savji Dholakia used to make headlines for giving generous gifts to his employees during Diwali. Earlier, he had gifted a Mercedes car to three of his employees. In 2016, he gifted 400 flats and 1260 cars to his employees on Diwali. According to reports, Hari Krishna Exports employs 5000 employees and the turnover of the company is Rs 6,000 crore.

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Savji Dholakia’s Journey
Savji Dholakia was born in a small village in Amreli district of Gujarat. He did not feel like studying. At the age of 13, Savji came to Surat and started working in a small factory. According to Savji, he worked in diamond grinding for about 10 years and after getting a lot of experience about it, he started the work of diamond grinding with some friends in his house, which gradually started progressing. Today his company company supplies diamonds to 50 countries.

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