Essar Group entity Arkay Holdings has sold a 6-storey residential building on Mumbai’s Worli sea face to Surat-based diamond manufacturing and export firm Hari Krishna Exports for Rs 185 crore.
The deal for the property that is known as Panhar, which has nearly 20,000 sq ft carpet area property known as Panhar was registered on Friday.
The entire transaction was concluded through two agreements including assignment of lease of around half an acre land parcel and conveyance of the residential building.
The land lease has been transferred for Rs 47 crore, while the residential building has been sold for Rs 138 crore, showed documents accessed through Zapkey.com
Savji Dhanji Dholakia, founder and chairman of Hari Krishna Exports, confirmed the deal. Essar Group spokesperson could not be reached.
Essar Group has utilised the funds received through these transactions to repay part of its debt as Arkay Holdings had granted this property as security for availing a loan.
The last large transaction for a property on Worli sea face was concluded in 2012, when Hindustan Unilever had sold its guest house and training centre ‘Gulita’ spread over little less than an acre to Piramal Realty for Rs 452 crore.