In one of the biggest price-tags for an individual home, the Kilachand House, a sprawling Mumbai mansion that belongs to an industrial family, is set to be sold for about R550 crore. The house on the plush Napean Sea Road, once owned by the Maharaja of Patiala, is about to be bought by real estate firm Orbit Corp, which would build a tower on the spot.
“We are close to finalising the deal with the family members and we will be able to disclose the final details only thereafter. We value to the property at R550 crore,” Pujit Aggarwal, Orbit Corp’s managing director, said.
The deal made a cracking start to 2011 in Mumbai for Orbit, which is said to be closing in on three big deals adding up to R985 crore in value. Sources said Orbit, a BSE-listed firm, has also more or less acquired two more properties in South Mumbai for R435 crore.
Aggarwal has been negotiating the terms of the deal with the Kilachand family for the past six months, sources close to the development said. Internal family differences over selling the 100,000-square-foot property located a whisker from the Arabian Sea have held up its sale. Some family members, who own part of the mansion, had objected to the sale.
Business tycoon Kilachand Devchand bought the mansion before it passed on to his four sons — Tulsidas, Ramdas, Chinubhai and Ambalal. The third generation sold 50% of the bungalow (directly and indirectly) to Orbit.
Some of the owners had approached the court regarding the sale of the bungalow but the dispute is being resolved now, the sources said. As the developer has a 50% stake in the building, the development can go ahead, say sources close to the realtor.
The remaining two properties that are being bought by Orbit include the 1,000-square metre Razzaq Haven (building) in Malabar Hill for R150 crore, and another 2,200-square-foot property on Napean Sea Road that is on the verge of being finalised for R285 crore.