Rs. 200 Crore Deal : Mr. Sajjan Jindal Cracks to Acquire South Mumbai 3 Storey bungalow..!

Indian steel magnate Mr.Sajjan Jindal has finally cracked the deal to acquire Maheshwari House, a sea facing 3 storey bungalow at Napean Sea Road in south Mumbai. Jindal has paid about Rs. 200 crore to Mr. Manoj Maheshwari, who had stalled the transaction involving his other family members as sellers, said some persons involved in the transaction.

Last year, Mr.Sajjan Jindal had paid Rs. 300 crore to other family members as part of a Rs. 500 crore transaction, making it one of the most expensive residential property deals in India country. Mr. Maheshwari, owner of a 25% stake in the property, had then refused Jindal's offer and made a counter offer to acquire the balance 75% stake from him.

Maheshwari, who has now given consent for the sale, has made almost double of what his other family members received, taking the final deal value to over Rs. 500 crore. His consent also involves a go-ahead for transfer of another 5 storey building on the plot for redevelopment. The deal between Mr. Jindal and Mr. Maheshwari was inked last week.

Rs. 85,000 Per Square Feet..!

The bungalow & building are spread above an acre in one of the prime & most expensive localities in Mumbai. Property prices in this plush locality hover about Rs. 85,000 a square feet.

The building, Maheshwari Mansion, is controlled by a trust run by the Maheshwari family. Along with the bungalow, Mr. Jindal has entered into a MoU (memorandum of understanding) for transfer of the building that will be subject to approval from the charity commissioner, said one person.

30,000 Square Feet Space..!

Under the redevelopment plan to be executed by Orbit Corp, a new sea facing bungalow with about 30,000 square feet space will be built exclusively for Mr.Sajjan Jindal along with a luxury residential tower.

The redevelopment will provide 1.2 lakh square feet, of which about 40,000 square feet will be for the 40 odd tenants of Maheshwari Mansion, while the rest will be available for free sale.

Mr.Sajjan Jindal

Mr. Jindal may also receive part of the revenue from the project as part of the development transaction with Orbit.

The 3 storey bungalow with a sprawling porch & a large garden at the rear is close to the Consulate General of the Russian Federation. Maheshwaris, a second-generation business family, have 4 factions led by brothers Manoj, Kamal, Vivek & their niece Vrinda Rajgarhia.

Mr. Jindal is planning to move into the new bungalow, once ready, along with his family. Now, his family stays at his Walkeshwar bungalow - Jindal House-in south Mumbai.

Last year, Mr. Sajjan Jindal had planned to sell another 2 storey bungalow - Morena House at Carmichael Road in south Mumbai, and was eyeing Rs. 300 crore for the property.But, this was not pursued. Mr. Jindal had bought the bungalow, which was used to house the Belgian Consulate, 4 years ago for Rs. 125 crore. Close to Morena House, Jindal also owns another bungalow - Jindal Mansion - which is used as the headquarter of JSW Group.

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