HC judge's family land sold at Rs 105-crore
The deal for the 41.44-acre was formally registered in Nagpur on Monday afternoon, reports Pradip Kumar Maitra.india Updated: May 07, 2007 23:14 IST
The recent selling of land for a whopping price of Rs 105-crore on Wardha Road, the outskirts of Nagpur, by the family of a senior most judge of Bombay High Court, Justice JN Patel, surprised a many. It was considered as the city's biggest ever land deal!
The deal for the 41.44-acre was formally registered with the Registered office in Nagpur on Monday afternoon between Patels and Mumbai-based Hagwood Commercial Developers Private Limited, floated by Provogue Group of Companies.
According to the state government ready reckoner, the exiting price of land situated on Wardha road is close to Rs 10-lakh per acre while the deal concluded on a mind-boggling price of Rs 2.55-crore per acre or Rs 585 per sq feet. However, the entire deal was transparent and as per the instruction of Justice Patel, the entire consideration was recorded in the sale deed.
Father and relatives of Justice Patel, who belonged to Nagpur, were engaged with dairy and farming business in their 41.14-acre land, situated in Chinchbhuvan area on Wardha Road, just adjacent to the ambitious proposed MIHAN project. Besides Justice Patel and two brothers, one sister and two others signed the deed as consenting parties. The purchasers had paid Rs 90-crore by demand draft while the remaining Rs 15-crore will be paid on or before January next year. A five-star hotel and a shopping mall will come up in the land in the near future. It was said that Oberoi Group of Hotels had offered Rs 80-lakh per acre for the land and later hiked it to Rs 1.25-crore. But Patels expected a better deal, which materialised on Monday.
Talking to Hindustan Times, Sanjay Mukherjee, the district collector confirmed the deal and pointed out that the land rate of Nagpur would shoot up further in the wake of this astonishing deal. "Forget Nagpur, the people of Vidarbha never heard of such a land price at the outskirts of the city, so far," he said and informed that it was the biggest ever single land deal of the city that paid over Rs 5.70-crore as stamp duty to the government.
The former Lok Sabha member, Banwarilal Purohit said that the price has exposed the state government, which was paying a meagre rate of Rs 5-6 lakh per acre to farmers whose land, were being acquired for the MIHAN project. He demanded that the farmers should be given Rs 2.5-crore per acre.
On the other hand, a town planner, who preferred to remain anonymous, said that the rate was very abnormal. "The market rate in the area is still hardly Rs 70-80 per acre," he added.
First Published: May 07, 2007 21:12 IST