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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