Luxury tower exchanges hands as lender steps in to speed up project
The Times of India Mumbai|April 19, 2021
Mumbai: The family of builder Pankaj Shah of Satellite Group has ceded control of its uber luxury residential tower, Sesen, at Nepeansea Road to Pune-based VTP Group.
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Luxury tower exchanges hands as lender steps in to speed up project

Shah, who gained development rights of the 1.2acre bungalow property in 2005, was found dead inside the Oberoi Hotel during the November 26, 2008, terror attack on Mumbai. His son, Sarjan, took over the under-construction skyscraper project, where some of the 30 duplexes were sold for around Rs 75 crore each. However, the planned 66-storey tower remained stuck as Satellite was unable to procure further building permissions and had to pay back a Rs 340 crore loan to Indiabulls.

“VTP group is the developer nominated by the lender (Indiabulls) to complete the project. We have acquiesced. Effectively, we have given them full control,” Sarjan Shah told TOI.

هذه القصة مأخوذة من طبعة April 19, 2021 من The Times of India Mumbai.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

هذه القصة مأخوذة من طبعة April 19, 2021 من The Times of India Mumbai.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

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