Justice Patel sells ancestral property in Nagpur for Rs 105 crore

Nagpur, May 6 (UNI) In what is probably the biggest single land deal ever in the city, Justice Jai Narayan Patel, the seniormost judge of the Bombay High Court, has sold 41.14 acres of his ancestral property near Nagpur for a whopping Rs 105 crore.

The sale deed was formally registered at the office of the registrar here last week, official sources said. The stamp duty charged for registering the sale deed is a staggering Rs 5.77 crore, the highest paid ever in the history of the city registry, the sources said.

The deal was signed between Mr Justice Patel, his brothers Shrinarayan Hiralal Patel and Harinarayan Hiralal Patel, and the Mumbai-based Hagwood Commercial Developers Private Limited, floated by the Provogue Group of Companies, headed by Nikhil Chaturvedi.

In addition, two other members of the Patel family, brother Shivnarayan Hiralal Patel and sister Lilavati Tukaram Yadav, have signed the deed as consenting parties.

The deal, which is entirely transparent, has been made at a rate of Rs 2.55 crore per acre, or Rs 585 per square foot, the sources said.

Incidentally, the official ready reckoner puts the rate for land in the area at Rs 10 lakh per acre.

The land is situated at Chinchbhuwan, just on the outskirts of Nagpur city and barely a kilometre away from Dr Babasaheb Ambedkar International Airport. The total area sold is 41,600 square metres, or nearly 18 lakh square feet.

The buyer has already paid Rs 90 crore to the vendor, and has promised to pay the balance before January 1 next, for which it has also furnished a bank guarantee. The buyer intends to construct a township, a five-star hotel and a shopping mall on the land, sources added.

UNI