By Varun Singh

In an auction sale notice for sale of an immovable assets under the securitisation and Reconstruction of financial assets and enforcement of security interest act 2002 was issued by a bank on October 25, 2021.

The same property was put on auction by the same bank in February 2021.

In February 2021 the reserve price fixed by the bank was ₹277 crore.

However, the reserve price of same property now put on auction by the bank in October is ₹267 crore.

The property has been put on sale via E auction by Yes bank.

The name of the borrower & guarantors is e-commerce Magnum solution Ltd, prime downtown Estates Private Limited, Radius Infraholding Private Limited , Sanjay Chhabria and Vyomesh Shah.

Description of the Property:

• The description of the property includes projecg 1 Hughes, Project land which is a piece and parcel of land 14,456.04 sq mts known as old Victoria Mills compound, Situated at Gamdevi Road, Girgaon.
• The property includes exclusive charge by way of registered mortgage on the project land of the project along with structures built thereon excluding the present structure known as Panchshil Plaza/the Plaza and the owners entitlement.
• Exclusive charge by way of registered mortgage on mortgage of one’s entitlement that is 65% of all immovable fixed assets along with structures built there on in respect of the project being developed on the project land.
• Exclusive charge on all movable and current assets both present and future pertaining to the borrowers share including the project receivables/existing and future assets/collections and insurance proceeds pertaining to these borrowers share along with escrow of the same in respect of the project being developed on the project land.
• Exclusive charge overall share, rights, titles, interest, entitlements, claims of mortgage one arising out of various deeds, agreements, documents pertaining to the project.

The reserve price for the property that has been put on E auction sale is Rs 267 crore.

The earnest money deposit END is Rs 10 crore.

The date of auction is November 15, 2021 between 2 PM to 3 PM.

The date of inspection is between October 26 to November 12 2021 between 10:30 AM to 5:30 PM with prior information of the authorised officer.

A detailed message sent to Sanjay Chabbria seeking his comment on the entire notice got us no response.

The post Yes Bank puts Mumbai Property on Sale, In 8 months Lowers Price by ₹10 Crore appeared first on Square Feat India.

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

The post Power firm MD pays Rs 1.12 lakh psf for Worli duplex appeared first on Square Feat India.