Group arm to buy Nepean Sea Road property where Anand Mahindra was born
The Mahindra Group's real estate arm will pay close to . 270 crore to acquire a three-storey bungalow on south Mumbai's Nepean Sea Road in which Vice-Chairman and Managing Director Anand Mahindra was born and lives as a tenant.
The bungalow, named Gulistan, occupies around 13,000 square feet of land opposite Priyadarshini Park and is owned by a special purpose vehicle set up by one of Mumbai's top builders, Orbit Corporation. Rishi Gagan Trust, whose beneficiary is businessman Om Navani, also has a small stake. Navani had bought the bungalow from an earlier owner in the early 1980s while Orbit acquired the property in 2008.Arun K Nanda, chairman of Mahindra Lifespace, the real estate arm, said his company has signed a termsheet, or a preliminary agreement, with the current owners and made an advance payment of . 11 crore.
"The company has a 90-day window to complete due diligence and complete the transaction," he said. It will have to come to a settlement with its co-tenants that include Bank of Maharashtra, which operates its Nepean Sea Road branch from the premises. Nanda, who became non-executive chairman of Mahindra Lifespace in March 2010 after Mahindra stepped down as chairman, also said the deal amount was not . 270 crore.
Anand Mahindra's Gulistan
No comments:
Post a Comment