Sajjan Jindal, vice-chairman and managing director of JSW Steel, is in advanced talks with property firm Orbit Corporation for joint development of Maheshwari House, a sea-facing bungalow on Nepean Sea Road in Mumbai that he recently bought, said sources close to the development.
Jindal had acquired the threestorey bungalow spread over 1.3 acres for . 400 crore earlier this month and was expected to move in there soon. However, Jindal is now planning to float a special purpose vehicle for redevelopment of the property, with Orbit holding a stake in it.
Under the plan, around 20% of developed space is likely to be reserved for Jindal’s personal use. The rest will be sold in the open market and the proceeds will be shared between Orbit Corp and Jindal.
“The development plan, which is yet to be prepared, may see a separate structure being carved out for Jindal’s personal use, with a separate access road,” said one of he sources. Jindal’s family now stays at Jindal House at Walkeshwar in south Mumbai. Orbit Corp declined to comment on the story. An email query sent to Jindal remained unanswered till the time of going to press.
Earlier on Monday, when we caught up with Jindal on the sidelines of JSW Steel’s 17th annual general meeting here, he declined to confirm the story but said a redevelopment plan was in the works for the property.
Maheshwari House, with a sprawling porch and a large garden at the rear, is two-buildings away from the Consulate General of the Russian Federation. It belonged to Maheshwaris, a secondgeneration business family comprising brothers Manoj, Kamal, Vivek, their niece.
The family also owns Maheshwari Mansion, a five-storey residential building with around 40 tenants in front of the bungalow Jindal bought. Jindal is said to be a contender for this building too.
At present, Jindal is in the process of selling Morena House, a twostorey bungalow at Carmichael Road in south Mumbai, which is expected to fetch Rs 300 crore. Jindal had bought this bungalow — which used to house the Belgian Consulate — three years ago for . 125 crore.
Close to Morena House is Jindal Mansion, which serves as the JSW Group headquarters.
The association of Jindal with Orbit, known for its realty projects in and around south and central Mumbai, can be traced back to 2007, when JSW had acquired 2.5 acres of land-cum-commercial property in Bandra-Kurla Complex for . 807 crore from the realty developer. This 12-storey building will house the group’s new head office. According to Orbit Corp’s annual report for 2010-2011, Sajjan Jindal’s brother Prithvi Raj Jindal is an independent director of the company.
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