Special MCOCA court judge Prithviraj Chavan, while pronouncing the judgement here, also imposed a fine of Rs 17 lakhs on Gawli, failing which he will have to undergo an additional three-year imprisonment.
Ten others were also awarded life imprisonment in the case while accused Sunil Ghate was convicted only under Arms Act and has been sent to three years' rigorous imprisonment.
The court also sent Gawli to ten-year imprisonment each for being a member of the organised crime syndicate and extortion.
While pronouncing the sentence, judge Chavan said "Instead of death I am giving you life imprisonment."
During arguments on sentencing in the Maharashtra Control of Organised Crime Act (MCOCA) Court, the once feared underworld don had told judge Chavan that there was no reason for him to kill the Sena corporator for a "paltry" amount of Rs 30 lakh.
"After 2007 BMC elections, when Shiv Sena was not in majority it was our Akhil Bharatiya Sena who gave them support of four corporators (to attain majority). At that time each of our corporator commanded very high monetary value (for providing support) and there was no reason for me to kill Jamsandekar for Rs 30 lakh," Gawli argued.
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On August 24, the former MLA and 11 others were found guilty of murdering Jamsandekar in 2008. According to the chargesheet, a sum of Rs 30 lakh was paid to the Gawli gang for eliminating the Sena corporator over a land deal.
Earlier, Gawli's lawyer Sudeep Passbola had argued in the court that his client should not be given capital punishment, as demanded by the prosecution. "Give a dog a bad name and shoot it - that should not be the principle," Passbola had said.