months after his plans to sell Morena House fell through, steel magnate
Sajjan Jindal is learnt to be planning to redevelop the 1,623-sqm
bungalow on Carmichael Road on his own. |
The industrialist is
already interacting with well-known architects on the nitty-gritties of
constructing a luxury residential building on the plot.
spokesperson refused to comment. However, experts close to Jindal
confirmed the development and said the industrialist was in the process
of setting up a real estate division to develop his property. The
division will then handle sale of the apartments. Morena House has a
development potential of approximately 50,000 sq ft.
the move does not necessarily mean that Jindal will enter the realty
sector, the division will help in redevelopment of Morena House as well
as Maheshwari House,” an expert said. (See box)
According to real estate experts, Jindal got thinking of redeveloping the property as he was not receiving good offers for
Morena House. “Most offers were below Rs 300 crore, far less than the
Rs 320 crore quoted by Ajay Mittal of Arshiya International in August
2011,” said the expert. However, three months later, in December, after
giving it a second thought, Mittal called off the deal for the onestorey
bungalow. He apparently thought the property was overpriced compared to market rate.
said no good offers came for Morena House due to its location, where
building heights have to be kept in resonance with the neighbourhood.
“One can construct up to 75 ft, or say six floors. The advantages of
constructing a building on an uphill slope is therefore limited,” said a
200-crore deal at Nepean Sea Road Last week, Jindal inked a deal to acquire Maheshwari House, a seafacing three-storey bungalow on Nepean Sea Road. He has bought the
property for nearly Rs 200 crore from Manoj Maheshwari, who had stalled
the transaction, involving the latter’s family members as sellers.
year, Jindal had paid Rs 300 crore to Maheshwari’s family members as
part of the over Rs 500-crore transaction, making it one of the most
expensive residential property deals in the country. Maheshwari’s
consent involves a go-ahead for transfer of the neighbouring fivestorey
Maheshwari Mansion on the same plot. It will be redeveloped jointly by
Jindal and Orbit Group. The two structures are spread over more than an
acre. Rates in this locality hover around 85,000 a sq ft. TNN
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