By Varun Singh

It’s not even months that relaxations came in After the second wave.

Already two waves have caused an irreversible damage on the economy and human lives.

With the new variant Omicron which has already reached India, the fear of another impact is being felt.

During the first two lockdowns because of coronavirus led pandemic, the realty industry had suffered a lot.

Now Omicron has touched upon the same fear for the industry.

Dr. Niranjan Hiranandani, Vice Chairman-National, NAREDCO and MD, Hiranandani group spoke extensively on Impact of Omnicron on real estate.

Hiranandani speaking on the impact of Omicron virus on the real estate sector, said the virus has been a tricky issue to deal with, and we can expect new twists and turns in the tale as we go along. “The Omicron mutation is the latest challenge for not just humankind but also for economic growth and development. Will it result in yet another lockdown; how long will it take for the pharma industry to come up with a solution – the jury’s out on these aspects, so far.”i

“The uncertainty weighs on our minds, and business plans may need to be adjusted in sync with whatever challenges Omicron throws up. Will a booster dose of the vaccine be a proper solution or will the pharma industry offer an alternative option, and whether economic recovery will yet again, slide to a stop – the next few days should give us clarity on how things work out,” he added.

“Hopefully, we will get a solution and the economic recovery will continue with Covid-19 appropriate behaviour, and successful implementation of the vaccination process,” he concluded.

Also Read: Home-buying preferences changed post COVID

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By Varun Singh

Managing Director of Sterlite Power, Pratik Agarwal has shelled out Rs 1.12 lakh per sq ft to buy a sprawling duplex in Worli.

The duplex apartment is located on the fourth floor of Samudra Mahal, the most sort out address in Worli.

The total area of the duplex bought by Agarwal is 3,639 sq ft for which he has paid Rs 41 crore.

The deal was registered on June 17, 2020, however, someone close to the deal said that it was carried out quite some time ago.

Going by registration document details, this would be the expensive deal of the year 2020 up till now.

Pratik Agarwal already owns a house in Samudra Mahal and resides on the third floor of the building.

Along with the apartment the Sterlite Power MD also got a covered car parking space admeasuring 200 sq ft.

Talking about the building, Rajiv Jain, of Ruchika Shelters says, “Samdura Mahal has braved all storms, this is one building which always stood strong. Also in this deal if you notice, the buyer is a resident of the building. When you buy a next door apartment you tend to pay a premium.”

Samudra Mahal is a premium property in South Mumbai and has been in news for quite some time now. It has apartments where Nirav Modi, Rana Kapoor resided. This building is built on a land parcel where once stood a palace owned by the royal family of Gwalior, the Scindias.

When compared to previous deals, where Nandan Nilekani had paid Rs 1.29 lakh per sq ft this one is a slight lesser. But this would be the most expensive per sq ft deal registered in 2020.

Meanwhile, according to reports, Nilekani had bought the flat from Pravin Agarwal, father of Pratik Agarwal in 2015.

Agarwal didn’t respond to an email sent to Sterlite Power. However, someone aware about the deal said, “Agarwal had bought the flat earlier and registered it in June.”

Many top deals were registered in June this year. For example Veteran Banker, Romesh Sobti registered his flat on June 26.

Sobti along with his wife bought apartments worth Rs 76 crore in Three Sixty West located at Worli.

Also Read: Slowdown? He paid Rs 76 crore for two flats in Worli

Previous big ticket deals

• In 2019 Manish Patel paid Rs 1.29 lakh per sq ft for an apartment in Lodha Altamount.
• In July 2018, a flat exchanged hands in Mumbai’s Breach Candy, or Bhulabahai Desai Road, for Rs 1.49 lakh per sq ft. The nearly 2,422-sq ft apartment, in Ashford Palazzo, was sold by Ashford Construction Pvt Ltd to Satish and Sarita Patwari for Rs 36.11 crore.
• In March 2018, a 2,300-sq ft sea-facing flat in Worli’s Champagne House was sold at a staggering rate of Rs 2.32 lakh per square foot, setting a new record for Mumbai by fetching Rs 53.5 crore. Its current owners, the Kotak family, paid Rs 275 crore for the entire Champagne House.
• In 2018 two top businessmen sealed two major deals. Harsh Goenka of RPG Group bought a flat measuring 3,500 sq ft in IL Palazzo for Rs 45 crore. And Niraj Bajaj bought a 16,000-sq ft apartment at Worli’s Three Sixty West for Rs 120 crore.
• In May 2019, in a big-ticket deal, the sprawling RK Studios, was sold by the five Kapoor siblings to Godrej Properties Ltd for Rs 250 crore.

Also Read: Exclusive: Biggest realty deal of 2020 inked for Rs 136 Crore

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By Varun Singh

Nirav Modi, is one of the most wanted fugitive, who has his name embroiled in the Punjab National Bank scam (PNB scam).

In the last two days several of his assets including paintings, watches, handbags, and even cars of the like of Rolls Royce were auctioned.

The auction was carried out by Saffron Art, which has termed it a White Glove Sales. Which means all the lots were sold.

The Enforcement Directorate had asked a private auction house to auction the assets of Nirav Modi.

The two auctions raised a total of Rs 53.45 crore (USD 7.65 million) for the Directorate of Enforcement, Government of India, crossing its pre-auction estimate of Rs 41 crore.

One of the collectible that was auctioned was a watch. The watch is a Girard-Perregaux ‘Opera One’ Triple Bridge Tourbillon Wristwatch.

This watch was sold for Rs 95.2 lakh (USD 136,000) believe it or not, but the bidder has paid more than 30 times the estimate of the watch. The auction house claims it is a first for a watch in a public auction.

At this price one can easily find a house within Mumbai limits, a 1-BHK for a cost of one watch of Nirav Modi.

Another rare watch on auction was  Audemars Piguet ‘Jules Audemars Grand Complication’ Automatique Wristwatch sold for more than four times its estimate at Rs 78.4 lakh (USD 112,000).

The total of the two watches comes to Rs 1.73 crore, an easy figure to buy a 2-BHK in a posh locality of Mumbai.

The live auction was led by Amrita Sher-Gil’s rare 1935 painting Boys with Lemons, which was auctioned for the first time, and sold for Rs 15.7 crore (USD 2.24 million). 

M F Husain’s Battle of Ganga and Jamuna: Mahabharata 12, 1972 sold for Rs 13.44 crore (USD 1.92 million), achieving a world record for the artist.

A dazzling 18K yellow gold and diamond evening bag by Van Cleef and Arpels was sold for four times its estimate at Rs 20.16 lakh (USD 28,800).

An Hermès Kelly Blue Atoll bag tripled its higher estimate and was sold for Rs 17.9 lakh.

The elegant Rolls-Royce Ghost witnessed a high demand, selling for twice its estimate at Rs 1.68 crore (USD 240,000).

A vintage Louis Vuitton cabin trunk sold for more than twelve times its estimate at Rs 8.62 lakh (USD 12,320).

Saffronart CEO and Co-Founder Dinesh Vazirani said, “Saffronart is pleased to have begun this auction season with our Spring Live and Online Auctions, both of which achieved White Glove sales with 100% lots sold, and raised a combined total of Rs 53.45 crores (USD 7.65million) for the Directorate of Enforcement,Government of India. We saw intensely competitive bidding across categories and from around the world.

He further added, “The high prices achieved for leading modern artists such as M F Husain and Amrita Sher-Gil demonstrate that the demand for Indian art is very strong, and the frenzied bidding on watches, handbags and carsmost of which sold in multiples of their estimates underscores the thriving market for luxury collectibles.”

Also Read: Nirav Modi’s Assets Put On Auction By ED.

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By Varun Singh

Nirav Modi is the fugitive, whom India government desperately wants to be bring home and also serve justice.

His assets worth several of crores will be auctioned soon. Saffronart, the auction house appointed by the Enforcement Directorate will carry out the auction.

Two sales – a Spring Live Auction in Mumbai on 27 February 2020 and a Spring Online Auction on 3 – 4 March 2020 – will feature a total of 112 lots seized from Nirav Modi.

The Spring Live Auction will feature 40 lots, of which 15 are artworks. Leading the sale is a 1935 masterpiece by one of the most important Indian artists of the 20^th century, Amrita Sher-Gil, titled Boys with Lemons, estimated at INR 12 – 18 crores(USD 1.7 – 2.57 million).The painting,which will appear on the auction market for the first time, was probably painted while Sher-Gil was back at her family home in Simla and represents a time when she was trying to carve out her own identity by exploring subjects deeply rooted in the Indian sentiment.

Another highlight of the live sale is a significant oil on canvas work from 1972 titled Battle of Ganga and Jamuna: Mahabharata 12 by M F Husain, estimated at INR 12 – 18 crores (USD 1.7 – 2.57 million). Husain contemporarises the epic Mahabharata, focusing on the psychological component and the metaphor of internal moral struggles that it represents through the battle between the two rivers.

A serene blue painting by V S Gaitonde from 1972; estimate: INR 7 – 9 crores, USD 1 – 1.28 million); a vivid red depiction of Krishna by Manjit Bawa. estimate: INR 3 – 5 crores, USD 428,575 – 714,290), and a stunning portrait by Raja Ravi Varma; estimate: INR 2 – 3 crores, USD 285,715 – 428,575) are among the other significant artworks in the sale. 

Among the 25 luxury collectibles are several important timepieces, including a rare Jaeger-LeCoultre Men’s ‘Reverso Gyrotourbillon 2’ Limited Edition Wristwatch (Lot 35, estimate: INR 55 – 70 lakhs, USD 78,575 – 100,000), which features the patented spherical tourbillon with a ground-breaking cylindrical hairspring, and has a reversing large platinum case. Another exquisite wristwatch in the sale is a Patek Phillipe ‘Nautilus’ Gold and Diamond Wristwatch, also estimated at INR 55 – 70 lakhs (USD 78,575 – 100,000), which is made of 18K yellow gold and embellished with pave-set diamonds across the dial, bezel and bracelet.

The live sale will feature several branded handbags, including the iconic Birkin and Kelly lines by French luxury goods manufacturer Hermès. Over the years, various lines of Hermès bags have proved to be a global success, many of which enjoy a “must-have” status in fashion and pop culture. An Hermès Kelly Blue Atoll bag is estimated at INR 4 – 6 lakhs (USD 5,715 – 8,575) and an Hermès Birkin 35 Alezan Togo leather bag is estimated at INR 3 – 5 lakhs (USD 4,290 – 7,145).

A Rolls-Royce Ghost, with an elegant design and comfortable, contemporary interior characteristic of the brand will also be auctioned on 27 February. The car, which is estimated at INR 75 – 95 lakhs (USD 107,145 – 135,715), is equipped with cutting-edge technology that makes this vehicle ideal for long-distance travel.

The Spring Online Auction, which will be held on saffronart.com, will comprise a selection of 72 luxury collectibles, with highlights including handbags by renowned brands such as Chanel, Hermès, Louis Vuitton, and Celine; a Cartier Asymmetric ‘Crash’ Wristwatch estimate: INR 2 – 3 lakhs, USD 2,860 – 4,290) and a Porsche Panamera S car estimate: INR 10 – 15 lakhs, USD 14,290 – 21,430).  

This appointment by the Enforcement Directorate comes a year after an auction of seized paintings conducted by Saffronart on behalf of the Income Tax Department in March 2019 – which raised INR 54.84 crores.

Also Read: Nirav Modi’s asset put on auction by ED.

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By Varun Singh

Seized assets of fugitive businessman Nirav Modi on behalf of the Enforcement Directorate, will be auctioned. A Live Auction in Mumbai on 27 February 2020 will be followed by an Online Auction on Saffronart’s platform on 3 – 4 March 2020.

Collectively, the two auctions will feature 15 artworks by significant modern and contemporary Indian artists, as well as a selection of luxury watches, handbags and cars.

The auctions will mark the first time that a professional auction house has been appointed by the Enforcement Directorate (ED) to conduct an auction of seized assets in India.

This appointment comes a year after a successful auction of seized paintings belonging to Nirva Modi conducted by Saffronart on behalf of the Income Tax Department in March 2019 – which raised Rs 54.84 crores.

Highlights of the auctions include a 1935 masterpiece by Amrita Sher-Gil which has never previously been auctioned (estimate: INR 12 – 18 crores); a significant oil on canvas by M F Husain from his ‘Mahabharata’ series (estimate: INR 12 – 18 crores).

A painting by V S Gaitonde from 1972 (estimate: INR 7 – 9 crores); and a vivid red depiction of Krishna by Manjit Bawa (estimate: INR 3 – 5 crores).

Important watches belonging to Nirav Modi going on sale include a Jaeger Lecoultre Men’s ‘Reverso Gyrotourbillon 2’ Limited Edition wristwatch and a Gerrard Perregaux Men’s ‘Opera One’ wristwatch.

Of more than 80 branded handbags included in the auction are several from the Birkin and Kelly lines by luxury retailer Hermès.

Select lots from the upcoming auctions will be exhibited at the Saffronart gallery in The Oberoi, New Delhi during the India Art Fair at the end of January.

Dinesh Vazirani, Saffronart CEO and Co-Founder said, “Saffronart is extremely honoured to inaugurate its 20th year by lending our services and expertise to the Enforcement Directorate, Government of India. We are diligently working with the ED to assess and evaluate each item and put together the catalogue for both the sales, which includes a distinguished line-up of artworks by the likes of Amrita Sher-Gil, M F Husain and V S Gaitonde. The auctions also feature luxury collectibles – such as watches by Jaeger Lecoultre, and Birkin and Kelly handbags from Hermès – which are among the most popular luxury items internationally and witness great demand from celebrities and collectors.”

Also Read: Property Worth Rs 40 Crore of Nirmal Lifestyle In Mulund To Be Auctioned To Repay Home Buyers.

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