Cyril Shroff, Paridhi Karan Adani buy Rs 36 crore flat in Mumbai’s Worli – ET RealEstate

Lawyer Cyril Shroff and his daughter Paridhi Karan Adani, daughter-in-law of business tycoon Gautam Adani, have jointly bought a sea-view apartment in an almost ready super-luxury project in central Mumbai‘s Worli locality for about Rs 36.33 crore.

This is the third apartment they have jointly purchased in Oberoi Realty’s project Three Sixty West on Dr Annie Besant Road.

The earlier two deals were valued at Rs 74.66 crore, pushing the total value to nearly Rs 111 crore. Two of the apartments are on the 38th floor of a 65-storey tower while the third one is one floor below in the same tower.

All three apartments have been registered under APC Benefit Trust, which counts Paridhi Adani and Cyril Shroff as its trustees.

Paridhi is a partner in the Ahmedabad office of law firm Cyril Amarchand Mangaldas and is currently a part of its general corporate practice group.

Total built up area the father-daughter duo own in the super luxury project is more than 18,600 sq ft, and they have parking space for 12 cars.

Stamp duty paid for the latest deal registered on September 21 stood at Rs 72.66 lakh, much less than the stamp duty for the other two apartments registered in September 2018 that totalled Rs 3.74 crore. ET has reviewed copies of registration documents of these transactions.

The Maharashtra government has reduced stamp duty from 5% to 2% up to December end and 3% between January and March in a bid to encourage home sales.

Shroff responded to ET’s query with a “no comment”, while queries to Adani Group and Oberoi Realty remained unanswered until the time of going to press.

Residential property sales in Mumbai is witnessing a major push on account of the state government’s decision to reduce stamp duty and is expected to pick up further during the ongoing festive season.

Three Sixty West is a mixed-use development comprising two towers. One of the towers will house The Ritz-Carlton Hotel and the other will have luxury residences managed by Ritz-Carlton.

The project is nearly ready for possession and has applied for an occupation certificate from the civic authority. Many buyers have taken possession to start their interior and fit-out work.

The project has seen several industrialists and high-profile professionals picking up properties. Romesh Sobti, former MD and CEO of IndusInd Bank, recently bought two sea-view apartments for over Rs 76.30 crore.



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IRSDC extends bidding deadline for commercial space at Chandigarh railway station – ET RealEstate

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CHANDIGARH: People who want to bid for space in the 25-lakh-square-foot commercial area at the local railway station have another two months. Indian Railway Stations Development Corporation (IRSDC) has extended the deadline.

Highly placed sources in IRSDC said now they will accept bids till August 24, while the earlier deadline was June 24. Prospective bidders had requested the corporation for more time to let the Covid-19 situation improve. The pandemic has caused a huge shortage of labour, which has stalled major projects. In this environment, companies do not want to start something fresh in absence of any basic requirement.

On May 20, the corporation had a pre-bidding meeting with giants of the real-estate, industrial, and fund houses sectors. Participants included L&T, Eldeco, Adani Group, Kalpataru Power Transmission, JLL, JKB Infrastructure, and AECOM. Chief executive officer S K Lohia represented the IRSDC.

A railway official said that the request for proposal (RFP) for mixed use development of the land parcel on the basis of leasehold rights was invited on January 3. The first due date for bidding was May 27. During the pre-bid meeting, companies requested for more time. The IRSDC plans to put in Rs 136 crore in this project to make the station world-class with the addition of an international airport by 2021. But the revamping has not started yet and the project winner is inactive.

On June 26, the IRSDC opened the bids for four stations (Gwalior, Nagpur, Amritsar, and Sabarmati) and soon the work will commence on these sites.

The four projects will be railways’ first started by in-principle approval of the Centre’s Public Private Partnership Appraisal Committee (PPPAC). These are also first to have provision for pre-determined user charges on passengers and visitors as a revenue stream for the concessionaire of the redeveloped stations.



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