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| One stop to Buy, Sell & Rent Property in Nagpur |
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Nagpur Property Bazaar |
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| Godrej to buy Anandam city project |
| Reference : - Special Corresponding (The City line The Hitavada |
| Reference Date : - 20 Sep, 2011 |
Urban Infra company floated by Anand Jain, a close associate of Mukesh Ambani, has already acquired substantial stakes
IN A major upheaval in city realty market, Anandam-the world class city coming up on model Mills land spread over sprawling 29 acres is going to change hands in next few weeks. According to sources, Godrej properties is taking over the project for an undisclosed sum and has started due diligence before taking over the management control finally. Godrej properties has decided to buy majority stake on profit-sharing basis from M/s Goldbricks Infrastucture Limited and make its foray into city reality market.
The project launched with much fanfare last year had received overwhelming response and all the towers were booked in just two days. The land belonging to National textiles corporation (NTC) was purchased by M/s Goldbricks Infrastructure for whopping Rs.160 crore and entire city was flooded with ‘Heaven in the Heart of the City’ Campaign.
Very soon, the owner of properties, the Sarogi family from Raipur, actually took over management control from their first cousin Ritesh Jain and ensured that project gets going in full swing. It was widely speculated by reality market-players that the project blessing and hidden stake of political big-wig in the city. The company had booked 232 residential flat and measuring 4.58 lakh sq.ft
The Godrej properties is purchasing 1, 17, 125 sq mts of land along with semi-finished construction of residential units,
Even as Anandam was launched, the Urban Development Department of Maharashtra permitted 2.5 FSI for congested areas of the city. The upcoming township of Tata Housing were among biggest beneficiaries along with Anandam. This development suddenly made the scheme a very lucrative proposal and Urban Infrastructure Venture capital, a subsidiary of Jai corporation limited (floated by Anand Jain, a close aide of industrialist Mukesh Ambani), showed keen interest in financing the project. Sources also revealed that Urban Infra bought a substantial share in Anandam city and also started taking keen interest in regular progress of the project. However, the deal was not finalized due to some avoidable reasons.
Meanwhile, partly due to exit of some key persons associate with Anandam city from its inception for various reasons and partly for other reasons, the promoters of Anandam city started looking for a second partner as amidst realty slump, the project was overbooked and become attractive due at Rs.3, 900 per sq ft and then Rs.4, 100sq ft.
With Tata Housing setting ups its mega township project near Rambagh, hardly a few hundred meters away from Anandam , many top players including Godrej showed keen interest. According to market grapevine, the deal has been finalized and promoters have been offered a huge profit over and above their investment. Because of these negotiation, the developers had asked exiting customers to clear their regular installment as per schedule. A group of 17 trades from Itwari had dashed off a protest letter and demanded their money back. The promoter was too happy to refund the sum and resell the flats at news rates.
Sources said that the owners got a lucurative offer from the Godrej recently. Positive negotiation with Godrej is underway. The deal is likely to be signed by the next month. Property expects claimed that Gold Bricks Infrastructure limited had purchased this land rather cheaply. In the Godrej deal, the company is expected to earn more then what it will have earned after completion the project. When contacted Saravagi family refund to make any comment on this issue.
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