Bai Kabibai Charity Trust sells 23 acres of land in Mumbai for Rs 540 cr
Out of the 23 acres located in the Andheri suburb, over 3.81 acres has been encroached upon and declared as a slum. As per the agreement, the development rights for this slum area have been transferred to a company, Supra Estate India.
Bai Kabibai & Hansraj Morarji Charity Trust, one of the oldest public charitable trusts in the country, has sold its nearly 23 acres of land in Mumbai to Arogya Bharati Hospitals and Arogya Bharti Health Parks for a total consideration of ₹539.83 crore.
The buyers will make an upfront payment of ₹450 crore to the trust. In addition to this, they will transfer 140 residential units to the trust. These residential units spread over 269 sq ft each will be part of the development to be undertaken on the said plot and are valued at ₹89.83 crore.
Out of the 23 acres located in the Andheri suburb, over 3.81 acres has been encroached upon and declared as a slum. As per the agreement, the development rights for this slum area have been transferred to a company, Supra Estate India.
The buyers have paid a stamp duty of ₹32.39 crore for the deal's registration that took place on February 9, showed documents accessed through Propstack.
The transaction has received approvals from court as well as from the office of the charity commissioner.
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The buyers already held development rights over nearly 15 acres of the total 23 acres. They have transferred the rights for nearly 2.5 acre of this to Khubchandani Hospital, which has built a hospital building on the land and has got the occupation certificate.
Of the total land, nearly one-fifth of an acre has been leased to Tata Power for 30 years, while around 11.2 acres have been reserved as a tourism development zone and four acres for a sports academy.
In February, AH Wadia Trust, a charitable trust that counts Jehangir Adi Wadia as one of its trustees, sold a nearly 5.7-acre land parcel in the Andheri suburb of Mumbai to a privately held company, Global Eco Hotels, for nearly ₹71 crore.
The Wadia Trust had started the efforts to sell the land in 2009, when it invited bids. In 2010, Global Eco Hotels emerged as the highest bidder with an offer of ₹51 crore. The process for this transaction had been going on since then and was finally concluded last month.
