Steel magnate Sajjan Jindal has purchased what is arguably the most expensive house in India. The owner of Jindal South-West Steel inked a real estate deal and bought a three-storey bungalow in south Mumbai for Rs 400 crore. The bungalow in question is a sea-facing property that covers over an acre in south Mumbai’s Napean Sea Road area. This sprawling property in the posh neighborhood has a large porch and garden as well. Napean Sea Road is known for its exorbitantly priced properties. Quite recently, a realty developer picked up a 0.26-acre property for Rs 350 crore, an expensive proposition with respect to effective price per acre.
Jindal’s new buy, a mansion named Maheshwari House, is located near the Consulate General of Russian Federation. The luxury mansion previously belonged to a second-generation business family. Of the previous owners, Manoj Maheshwari runs a technology consulting firm named Aurovision. He also invests in Mumbai Angels Network, a company that funds start-ups. Another brother, Vivek Maheshwari, trades in tiles. Now that ownership of the property has changed hands, Jindal will be carrying out renovations within the bungalow. According to news reports, sources close to the deal have said that Jindal will put the Napean Sea Road mansion to personal use.
According to news from the ground, the Maheshwari family will be moving out of this Napean Sea Road mansion within the next few weeks now that the deal with Jindal has been finalized. The Maheshwaris are also the owners of another luxury mansion in Mumbai. This is a five-storey residential building in the same area and it is named the Maheshwari Mansion. The Maheshwari Mansion occupies an area directly in front of Maheshwari House. The building has three wings, and 40 tenants spread across the five floors. The Jindal-Maheshwari deal does not cover this residential building.
In the meanwhile, Jindal is trying to sell off his property on Carmichael Road, also in south Mumbai. News reports stated that a spokesperson for the Jindals confirmed that the Carmichael Road property, the so-called Morena House, is on the selling block. The spokesperson said that the Jindals were looking for new real estate to replace the Carmichael Road home but nothing had materialized yet. They added that any further developments on this real estate front would be revealed as and when things were finalized. The Jindals had purchased Morena House on Carmichael Road three years ago for Rs 125 crore. Prior to Jindal’s purchase, Morena House used to be home to the Belgian Consulate. Now that the house is up for sale, the Jindals are looking to get Rs 300 crore for this luxury mansion in upscale Mumbai.
Jindal is the owner of JSW Steel, a steel giant whose domestic steel manufacturing capacity is greater than that of TATA Steel. JSW Steel is currently at par with the state-run SAIL as far as domestic production is concerned. The Jindals own another bungalow that stands close to Morena House. Known as the Jindal Mansion, this building forms the headquarters of the JSW Group. However, Jindals properties extend outside Mumbai as well. The steel magnate purchased a bungalow on Delhi’s Prithviraj Road back in 2004. He still owns this Lutyens Bungalow Zone property.
Via: Economic Times