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Real estate investment company based in Luxembourg Luxembourg REO Company SARL subsidiary picard angst india have acquired a bungalow spread over a 2.8-acre land parcel in Mumbaiis the western suburbs of santa cruz 86.52 crores for more than Rs.
The company bought the property from five joint owners, including Francis Andrew, a global banking and finance professional. rosarioFormer CEO and Executive Director of Temasek’s Fullerton Financial Holdings (International).
Picard Angst India was established in 2019 to oversee and supervise the construction activities within the real estate sector in the country. It is a wholly owned subsidiary of Luxembourg REO that was incorporated in 2018 with the objective of investing in real estate properties across the world, with Picard Angst India as the first investment venture.
A bungalow property, Felsted Villa is located at Gajdar Private Scheme with ground plus one floor structure with a total built-up area of 4,005 sqft. The freehold land parcel has clear and unrestricted access from a public road and has no reservation marked. against him.
Documents accessed through IndexTap.com show that the company paid stamp duty of Rs 5.19 crore for the registration of the deal on March 2.
Picard Angst India is likely to develop a luxury, according to industry experts Residential Project on this plot.
The land parcel originally M Gazdar Parsi, who sold it in September 1936 to the Rosario family. After receiving a ‘sanad’, or grant of land title, from the government in 1948, the family constructed a bungalow with two garages on the said land parcel. A small portion of the land parcel was sold by the family in 1959.
ET’s email query to Picard Angst India remained unanswered till the time of going to press. Francis Andrew Rosario could not be reached for comment.
Transactions for land parcels have resumed in key property markets of Mumbai, Pune, Chennai, Hyderabad and Bengaluru with several deals including outright acquisitions and joint ventures either closed or expected to close soon. Is.
The increasing demand for land parcels is led by the continuous improvement in the housing market witnessed after the outbreak of the pandemic.
Several leading real estate developers have entered the Mumbai property market in the backdrop of strong demand, sales momentum and strong return potential.
Despite rising mortgage rates and property prices, the Mumbai property market is setting new benchmarks with real estate transactions happening almost every month.
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