Not just the BEST land at Kurla. Parsvanath Developers, a New Delhi-based realtor, is close to signing a deal with the Mumbai-based Kanakia Spaces for another BEST land at Mahim.
Not just the BEST land at Kurla. Parsvanath Developers, a New Delhi-based realtor, is close to signing a deal with the Mumbai-based Kanakia Spaces for another BEST land at Mahim, market sources said. The two deals together cost over Rs350 crore, they added.
Vishal Doshi, spokesperson for Kanakia Spaces, did not refute the sources’ claim. Pradeep Jain, chairman of Parsvanath, however, did not respond to DNA’s queries.
Sources said that while the two developers had reached an oral understanding to purchase the two properties, the deal was not simple. “The written agreement hinges on Parsvanath being able to get the government clearances to develop the plots. Being a local partner, Kanakia is assisting it in getting the approvals. But, if they fail, the deal will change accordingly,” a senior realtor said.
Parsvanath bagged the rights of redeveloping the Mahim BEST bus terminus in 2007. The project plan involved developing a 40,000 sq ft area at a cost of Rs70 crore for commercial and residential utilisation, along with remodelling the bus station.
But the civic body has refused to grant the Delhi developer permission to redevelop the Mahim depot as it falls within the coastal regulation zone (CRZ). “One does not know whether BEST and Parsvanath did not know this at the time of auction, or were just confident of getting the clearance,” the realtor said.
The delay has reportedly made Jain jittery. There are rumours that he might back out of the Mahim plot deal. However, a senior market analyst said nothing of that sort would happen. “The BEST depot at Mahim is located on the main road, bang opposite the Arabian Sea. The property commands a good value of not less than Rs300 crore. No, I do not think Jain will back out of the deal,” he said.
BEST general manager Uttam Khobragade said Parsvanath had not said anything about calling off the deal. “But I will not be surprised if it backs out for not getting the civic body’s clearance,” he said. Parsvanath has not yet paid for the Mahim plot.
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