By Varun Singh

Earlier this month, the real estate industry was abuzz with the news of a deal in Samudra Mahal.

Samudra Mahal in Worli, is known as a building which commands a price that is way above the others immaterial of the market conditions.

A flat on the the 23rd floor of Samudra Mahal was sold in the first week of September. The price at which the flat was sold has caused a bit of stir in the real estate community.

According to sources, the flat that was sold for for Rs 96,776 per square feet. The flat measures 1,706 square feet and the buyer paid Rs 16.51 crore.

The seller is Omega Investment and Properties Ltd, while the buyer is Jai Shankar Krishnan, who already owns a flat on 13th floor of Samudra Mahal

If one sees the previous deals in Samudra Mahal, most of them have made records.

In the year 2010 itself, a flat measuring 1,706 square feet was sold for Rs 18 crore. The per square feet rate worked to Rs 1.07 lakh.

In 2012, another flat was sold in the same building for Rs 1.10 lakh per square feet.

In 2014, Siddharth Yog, founder Chairman of Xander Group bought a flat in Samudra Mahal for Rs 40.45 crore. Yog paid Rs 1.11 lakh per square feet for a flat measuring 3,640 square feet.

Then in 2015 came the most costliest deal that took place in this building. Nandan Nilekani paid Rs 1.29 lakh per square feet. Nilekani bought a 1,750 square feet apartment in the building for Rs 22.5 crore.

The last big deal that this building saw was registered in 2020, where a flat was sold for Rs 1.12 lakh per square feet. This was a flat measuring 3,639 square feet and for that Power firm MD, Pratik Agarwal had paid Rs 41 crore.

Coming back to the September 2020 deal, Omega Investment and Properties Ltd sold the flat to Jai Shankar Krishnan for Rs 16.51 crore.

According to a real estate source aware about the deal, of the entire consideration of Rs 16.51 crore close to Rs 9.09 crore was paid to ICICI Bank by the buyer.

By paying this amount on behalf of the seller, the charge of the bank on the premises was discharged.

The remaining amount was paid to the seller. The sellers also have another flat in the building.

A detailed mail sent to various email ids of Omega Investment and Properties Ltd got us no response. Krishnan didn’t reply to our text messages.

Rajiv Jain, of Ruchika Shelters, a realtor from Worli, says, “In the current market conditions, where there’s a slowdown, discounts like 10 to 15% are in place. The buyer being a part of the building was fully aware about the flat details and hence, probably managed to get the best deal.”

Samudra Mahal was a palace that was owned by the Scindias, the royal family of Gwalior. Later came up there this high-rise which became one of the most sort out address in the city of Mumbai.

Also Read: Top Firm Sells Worli Flat For Rs 6.14 Cr That It Bought For Rs 9.6 Cr Only 9 Months Ago

The post Samudra Mahal Flat Sold Below Rs 1 lakh Per Sq. Ft. appeared first on Square Feat India.

By Varun Singh

On Holi, Jyotiraditya Scindia decided to opt for the saffron color over the Congress’ tricolour. He put a fullstop to all the speculation which has been going on since Congress won the MP elections agains the BJP by a thin margin.

Monday saw resignations of many ministers from the MP Chief minister Kamal Nath’s cabinet. Though the biggest resignation stood that of the royal of Gwalior Jyotiraditya Scinida.

Scindia took to the microblogging website Twitter where he posted his resignation, without any caption. His resignation was self explanatory.

However, while maximum attention was on Senior Scinida, Junior Scindia, that is Mahanaryaman Scinida, the son of Jyotiraditya was also gaining a lot of attention.

Junior Scinida in support of his father tweeted, “I am proud of my father for taking a stand for himself. It takes courage to to resign from a legacy. History can speak for itself when I say my family has never been power hungry. As promised we will make an impactful change in India and Madhya Pradesh wherever our future lies.”

Immediatley when his father resigned and post his resignation on twitter, Junior Scinida expressed the it was a sad that it had to come to this (resignation).

Junior Scindia according to several reports is already a hit in Gwalior and has a lot of fan following. Monday his twitter account witnessed a major surge in following too.

He has helped his father in the previous elections, and has even held public rally. On Monday by clearly coming out in support of his father he has made it clear that he is here to stay in politics and participate too.

In May 2019, Mahanaryaman was conferred with BA degree by Yale University. His father had termed it to be a proud moment. Mahanaaryaman, has completed his schooling from The Doon School, Dehradun.

Mahanaryaman Scindia belongs to the Scindia family which has close ties with the BJP as well as the Congress. His grandfather Madhavrao Scindia has been a stalwart of the Congress, and his father Jyotiradtiya Scindia has been two time MP and former minister in the UPA government.

His grandaunts are top leaders from BJP including Vasundhara Rate former CM of Rajasthan. His great grandmother Vijayaraje Scindia was a stalwart in the BJP, and has served Gwalior multiple times as an MP and even an MLA.

While Mahanaryaman is receiving praises, for standing with his father Jyotiraditya Sdindia. He also is now facing a backlash for his earlier tweets against the BJP. For instance one of his recent tweet against BJP MP Pragya Singh Thakur is being brought up.

He had tweeted, “What kind of people have we voted into power??? Watch: Pragya Thakur Tells SpiceJet Fliers “First Class Seat My Right.”

Only time will tell, what lies in future for Gwalior, Scindias and MP, but one thing is for sure, that another member of the royal family is making a foray in the Indian Political scene.

Also Read: NaMo Gave JNU More Money Than MMS: RTI.

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