According to a regulatory filing on Wednesday, the telecom company Reliance Communications’ sale of a portion of its real estate holdings has received approval from the insolvency tribunal NCLT Mumbai.
An order of the National Company Law Tribunal’s Mumbai bench was attached to the application filed by Reliance Communications (RcOM)’s resolution professional, asking for permission from the NCLT to go ahead and sell some of the company’s unencumbered assets.
“After submission of the resolution plan for approval by this Tribunal, the Tribunal clarifies that the Applicant/RP can sell assets of the Corporate Debtor under Regulation 29 of the CIRP Regulations,” the NCLT order dated December 7 stated.
As per the directive, resolution specialists have the right to divest company assets after they submit the resolution plan for tribunal approval.
By Regulation 29 of the CIRP Regulations, “This Tribunal accords its approval to the Applicant to conduct the sale of the corporate debtor’s assets, “the order stated. “The sale proceeds shall be treated as unencumbered assets of the corporate debtor and be distributed during the implementation of the approved resolution plan or in liquidation, as the case may be.”
871.1 square meters of land in Pune; office space in Bhubaneswar; an investment in Champion Properties shares; an investment in Reliance Realty shares; the Chennai Haddow Office of RCom, which consists of land and a building, and an office in Ambattur, Chennai, all have been identified as assets up for sale.
India’s wealthiest truly have luxurious tastes and live in prestigious residences with unique names, unexpected architecture, elegant interiors, and first-class services. Here, we’re showing billionaire homes. So, if you are eager to know which of these billionaires of India live in the most expensive houses then you are on the right way. Read on propertywala as we take you through the list of India’s 5 most expensive houses.
1. MUKESH AMBANI’S ANTILIA:
Reliance Industries Limited chairman, a business tycoon, Mukesh Ambani is one of the wealthiest men in India. His luxury house comes on the top list ofIndia’s 5 most expensive houses. Therefore, a man who currently holds the title of 11th richest person in the world lives in Antilia, the most expensive private residence in India.
Let’s know about Antilia’s house:
It is located at Altamount Road, Mumbai, Maharashtra
The area of Antilia (in sq. ft.) is 4 lakh sq. ft.
Total no. of floors 27.
Mukesh Ambani’s house has approx. 600 staff.
Other vital features: 9 high-speed elevators, a Private movie theater, 3 helipads, a hanging garden, an ice-cream parlor, a salon, and a gym. Apart from this, there is a parking space for 168 cars with 6 floors of car parking.
The price of the house is approximately 15,000 crores.
2. GAUTAM VIJYAPAT SINGHANIA‘S JK HOUSE:
The chairman and Managing Director of the Raymond Group, the world’s largest producer of suiting fabric. He has a mansion that is called JK House, which will be a combination of a private residence and a textile showroom.
The location of the house is Altamount Road, Mumbai, Maharashtra, located next to Antilia.
The area of the house ( in sq. ft.) is 16,000 square feet.
The total no. of floors is 30.
There are 6 Parking floors.
Some other features: 2 swimming pools, a spa, a gym, and 1 helipad.
The price of the house is 6000 crores.
3. MR. ANIL DHIRUBHAI AMBANI’S LUXURY HOUSE ‘ABODE’:
A top businessman in India and the Chairman of Reliance ADA Group Mr. Anil Dhirubhai Ambani’s property offers luxurious and 7- star hotel amenities. This luxury villa is known as Abode.
Let’s have a closer look at this magnificent property:
It is located at Pali Hill, Mumbai
The area of the house ( in sq. ft.) is 16,000 sq. ft.
The total no. of floors is 17.
Other vital features are: a swimming pool, a gym, 1 helipad, parking space, and a lounge area displaying Ambani’s car collections.
The price of the house is 5,000 Crores.
4. MR. KUMAR MANGALAM BIRLA JATIA HOUSE:
Jatia House is also one of the most expensive houses. It is owned by the chairman of Aditya Birla Group, Mr. Kumar Mangalam Birla, a Chartered Accountant.
Jatia House is located at Little Gibbs Rd, Malabar Hill, Mumbai.
The area of the house (in sq. ft.) is 30,000 square feet.
There is a total of 3 floors.
Some other features of Jatia House are: a grand garden, a small pond, a central courtyard, and 20 bedrooms.
The price of the house is 425 crores.
5. SHAHRUKH KHAN’S MANNAT:
The King Khan of Bollywood, Shahrukh Khan is one of the most loved stars in the Hindi film industry. His house, Mannat, is a famous landmark in Mumbai city. His house looks very glamorous and has become a tourist place for his fans.
The address of the house is Mannat, Land’s End, Bandra (West), Mumbai.
The area of Mannat (in sq. ft.) is 27,000+ square feet.
There are 6 floors.
Other vital features in Mannat are multiple bedrooms, living areas, a gym, pool, library, a private movie theater, Shahrukh’s office, an impressive terrace, and a bar.
The house price is estimated to be around Rs. 200 crores.
The shining real estate market in India has now attracted even small as well as medium scale manufacturing companies. In fact, around 6 to7 companies have even announced real estate projects either with partners or monetized their prime land assets.
Some of such companies are:
Textile company Arvind announced a residential complex across an area of 10,00,000 sq ft in Ahmedabad, in partnership with B Safal Group.
Cable Corporation of India (CCI) plans a project in the western India. The project is located in Borivali area of Mumbai and will be a project worth Rs. 1000 cr.
Usha Martin, the steel wire maker recently launched a residential project in Boisar, on the outskirts of Mumbai, and also plans to come up with more such projects in Bangalore and Pune.
Golden Tobacco and Hindustan Composite are next on the list who have not exactly launched projects but have sold their lands to Wadhwa group and Sheth Developer respectively for real estate projects.
Similarly, Reliance Group, Bombay Dyeing and Century Textiles etc are entering into this market.
Thus, conclusion can be drawn that the manufacturing companies are now hitting the realty market.
