Max India's Analjit Singh buys house for Rs 185 crore owned by Singh brothers
The 0.5-acre bungalow situated at 1- Rajesh Pilot Lane was part of a three-acre plot owned by Bhai Mohan Singh, father of Analjit Singh to consolidate his property holdings.
Max India group founder Analjit Singh has acquired a bungalow owned by his nephews, Malvinder and Shivinder Singh, in the heart of Lutyens' Delhi for Rs 185 crore. The funds from the sale will be used to repay the lender to whom the Singh brothers had pledged the house. The purchase will enable Analjit Singh to consolidate his property holdings, reports ET.
According to the report, the 0.5-acre bungalow situated at 1- Rajesh Pilot Lane was part of a three-acre plot owned by Bhai Mohan Singh, father of Analjit Singh to consolidate his property holdings.
ET reported that the 0.5-acre bungalow situated at 1Rajesh Pilot Lane was part of a three-acre plot owned by Bhai Mohan Singh, father of Analjit Singh and grandfather of the Singh brothers. The remaining property — 2 Rajesh Pilot Lane and 15 APJ Abdul Kalam Road (formerly Aurangzeb Road) is owned by Analjit Singh.
"The Singh Brothers have sold their ancestral property in Lutyens' Delhi to repay debts. The Singh brothers are committed to repay and clear all their liabilities and are actively working to liquidate their assets while being compliant to the court's orders," a spokesperson for RHC Holding Pvt Ltd, the holding firm of Malvinder and Shivinder Singh told ET.
A person familiar with the transaction told ET that Analjit Singh had purchased the property in his personal capacity to consolidate his property holdings.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
PSU Oil Stocks: Here's what brokerage suggests on these 2 largecap, 1 midcap scrips - Buy, Sell or Hold?
Power of Compounding: How many years it will take to reach Rs 2 crore corpus if your monthly SIP is Rs 3,000, Rs 4,000, or Rs 5,000
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
12:36 PM IST