Welspun MD snaps up Rs 150 crore flat in central Mumbai tower

Mumbai: In a big ticket size deal, Welspun India managing director Rajesh Mandawewala has bought a three-floor sea-facing apartment in an upcoming project of real estate developer Wadhwa Group for an agreement value of Rs 127 crore.

The 20,989 sqft apartment is part of 25 South, an upcoming luxury residential project at Prabhadevi being jointly developed by the Wadhwa Group and Hubtown and comprises three towers.

According to persons close to the development, the agreement value is Rs 127 crore, while the deal size would come up to Rs 150 crore after including GST and stamp duty.

The top three floors 45, 46 and 47 which Mandawewala bought are in the recently launched South Tower and possession will be given by 2023 as per RERA, a person close to the development said.

While Mandawewala was unavailable for comment, when contacted, the Wadhwa Group refused to comment.

The project is being developed on Hindustan Mill Lands earlier owned by DLF and Hubtown. However, later Wadhwa replaced DLF and joined Hubtown to develop the 5 acre plot.

Hubtown (earlier known as Ackruti City) and DLF had jointly bought the Hindustan Mill land in 2007 for Rs 350 crore.

In 2009, Siva Group C Sivasankaran had bought 50 per cent in the mill land from DLF for over Rs 300 crore.

In 2012, Sivasankaran sold his stake to financial investor Red Fort. Later, Wadhwa entered into a deal with Hubtown to develop the project.