The iconic Kilachand House, located at Napeansea Road, which also is the last remaining palace in Mumbai, sold 1/4th of its property on March 28. The property was sold by Edel Investments Pvt Ltd to Shree Naman Housing Pvt Ltd and the consideration is Rs 180 crore. The total size of the property is 9,363 sq mt, and this particular deal is only for 1/4th share in the property.

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This is the same portion of land that was earlier bought by Orbit Corporation’s Pujit Aggarwal somewhere in 2010. On May 4, 2016, Orbit Developer’s Pujit Agarwal transferred the property in the name of Edel Investments Pvt Ltd for a consideration of Rs 145 crore.

Kilachand House is spread over a property that is close to 1 lakh sq.ft. and is the last remaining palace in the city. The property originally belonged to the Maharaja of Patiala, from there it came to Devchand Kilachand. The property was later divided amongst the legal heirs of Kilachand and one of them sold his 1/4th share to Orbit Dvelopers in 2010. This mean nearly 25,000 sq ft of the property now belongs to Naman Housing.

The deal was signed on March 28, at the registration office. To register the document, the builder paid a stamp duty of Rs 9 crore. Market sources close to Edel Investments Pvt Ltd said, “The deal did take place and it was an opportune exit for Edel Investments Pvt. Naman Housing has added a valuable asset in its portfolio. The deal has taken place for a value of Rs 180 crore. It came to Orbit to Edel and from there they have sold it to the Naman Group.”

For Naman Housing, a senior functionary, Alpesh Gandhi signed the documents, a detailed email sent to Gandhi got us no response and repeated attempts to contact him at his office were futile.

Source: DNA India