Gokhale Landmarks pulls out of ₹230-cr Jain Trust land deal in Pune

Gokhale Landmarks LLP withdrew from a controversial land deal with a Jain trust amid allegations of irregularities, pending a charity commissioner hearing.

Days after Union Minister Murlidhar Mohol’s name surfaced in the land deal involving Seth Hirachand Nemchand Jain Digambar Boarding Trust, developer Gokhale Landmarks LLP on Sunday announced its withdrawal from the agreement for a prime 3.5-acre plot in Model Colony.

Gokhale Landmarks LLP acquired the property this year for ₹311 crore, of which ₹230 crore was paid. (HT FILE)

Gokhale Landmarks LLP acquired the property this year for ₹311 crore, of which ₹230 crore was paid.

In an email sent late on Sunday to trustees, Gokhale Landmarks LLP said it had decided to opt out of the deal and requested the return of the money it had paid for developing the land.

While Gokhale Landmarks LLP has exited from the deal, a decision on getting its money back may be taken on Tuesday when the Charity Commissioner of Mumbai has scheduled a hearing. The trust, in its part, hasn’t yet revealed its stand on returning the money.

“Despite following all directions of the charity commissioner, misleading rumours were circulated in the public domain, suggesting irregularities in the transaction. These baseless allegations have caused damage to my professional reputation and have created unwarranted social unrest....Though the project would have benefitted the trust and its students, it took a political turn. Out of the moral responsibility and respect for the sentiments of the Jain community, I do not wish to proceed with the transaction or the construction of the hostel building,” stated the email by Vishal Gokhale, partner in the Gokhale Landmarks LLP.

HT has reviewed a copy of the email.

The decision comes amid escalating tensions after the Mumbai Charity Commissioner last week ordered a status quo on the transaction between the Jain Boarding Trust and Gokhale Landmarks LLP following complaints of irregularities.

Members of the Jain community had accused the trust of favouring the developer and violating norms governing charitable land. On October 26, community representatives reiterated that they would proceed with an indefinite agitation if the deal was not formally cancelled.

Jain Muni Guptinandji Maharaj said, “I am thankful that Mohol kept his promise and the developer withdrew from the proposal.”

Akshay Jain, a member of the Jain community who is part of the agitation, said, “Though the builder has made the announcement to withdraw from the deal, we are firm on our stand till the proposal gets scrapped officially. We are waiting for the charity commissioner’s hearing, which is scheduled on Tuesday.”

Members of the community have announced a one-day fasting protest on October 29.

The controversy took a political turn, with former MLA and Shiv Sena leader Ravindra Dhangekar publicly supporting the Jain community and demanding that the deal be scrapped, alleging the involvement of Mohol in the transaction, which, according to him, benefited private interests at the cost of the charitable trust’s purpose. Mohol, however, denied all the allegations, saying he had withdrawn his stake in Gokhale Landmarks LLP even before the deal was formalised.

“In 2024, when I withdrew my name, not a single rupee transaction took place between us. I resigned from both LLPs on November 25, 2024,” Mohol had said last week after allegations from the Opposition and Dhangekar, whose party, Shiv Sena, shares power with the BJP at the Centre and state.

The allegations against Mohol from Dhangekar also created tension between the Mahayuti alliance partners, with deputy chief minister Eknath Shinde asking Dhangekar not to publicly criticize BJP leaders, which may give an opportunity to the Opposition to target the government.

Dhangekar, who visited the members of the community on Monday, said, “I have decided to agitate along with the Jain members instead of starting separately from November 1.”

The property in Model Colony, measuring about 12,000 square metres, includes a Jain boarding facility and temple under the Seth Hirachand Nemchand Smarak Trust, established in 1958.

With the developer now formally withdrawing, the future of the trust’s prime Model Colony land remains uncertain, pending further direction from the charity commissioner’s office.