Mahindra Lifespace, trust enter consent terms for South Mumbai property

MUMBAI: Realty developer Mahindra Lifespace DevelopersBSE 1.19 % has entered into consent terms with Rishi Gagan Trust and others to settle their issues with regards to a property in South Mumbai. This will enable the developer to proceed with the acquisition and redevelopment of the property, Mahindra Lifespace said in a regulatory filing.

In 2011, the Mahindra group’s real estate arm had entered into an agreement to pay close to Rs 270 crore to acquire a three-storey bungalow on south Mumbai’s Nepean Sea Road, in which the group’s vice-chairman and managing director Anand Mahindra was born and lives as a tenant.

The bungalow, named Gulistan, occupies around 13,000 square feet of land opposite Priyadarshini Park and was owned by a special purpose vehicle set up by realty developer Orbit Corporation. Rishi Gagan Trust also owned a small stake in the property. Rishi Gagan Trust had had bought the bungalow from an earlier owner in the early 1980s while Orbit acquired the property in 2008.

Source-Economic Times

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