Yash Birla group to redevelop old properties in Mumbai to clear debts
The group entered into a joint venture with Nahar Group, which has been contracted to develop the two buildings in Tardeo – Akhil Bharat Bhavan and Anusuya CHS
The Yash Birla group has decided to redevelop two of its old properties in Tardeo to clear its debts. The two buildings in question are Akhil Bharat Bhavan and Anusuya Cooperative Housing Society, located on Bellasis Road, said sources.
Akhil Bharat Bhavan is a chawl, while the Anusuya CHS (adjacent building) has five floors. Pic/Emmanual Karbhari
The land on which the structures stand admeasures 4,300 sq mt. The redevelopment project will be handled by the Nahar Group, with whom a 50-50 joint venture (JV) deal has been signed. The contract is worth R34 crore and was signed last year, but the legal formalities took time to be finalised.
Confirming the news Manju Yagnik, vice-chairman, of Nahar Group, said, “We have entered into a JV with Yash Birla’s company for redeveloping two properties on Belasis Road, Tardeo. We will be developing residential apartments, but all of that is still in the planning stage. I can’t divulge any details yet.”
While Akhil Bharat Bhavan is a chawl, Anusuya CHS is a five-storey building. While the land for the former was acquired in 1948, the land on which the latter was built is on a lease of 999 years from the government.
There are a total of 159 tenants in both structures combined. Discussions are on as to how to rehabilitate the tenants. On redevelopment, both parties are set to earn hundreds of crores of rupees, which, insiders say, would be enough to settle Birla’s debts.
Number of tenants on the two properties that will be redeveloped
Rs 34 crore
Worth of the joint venture between the Nahar and Yash Birla Group
>> The two buildings are located on Bellasis Road
>> Plans are in the offing to develop residential apartments there
>> Sale of these apartments will generate enough income to settle debts, say sources