An Interesting Business

This is an interesting case I came across in today’s ET.I have no inside information’s, so no comments.The developments should interest would-be real estate developers in India.

A Canadian businessman of Indian origin, Alnoor Jamal, has accused both the sons of Maharashtra industries minister Narayan Rane and Mumbai-based builder Shobhit Rajan, among others, of ‘cheating’ him in a property-related issue.

In a petition filed at a metropolitan court in Mumbai, Jamal alleged that 13 acres of land he bought from Parke Davis in 1999 have been misused and a part of it was sold by his business associates to Nilesh Rane and Nitesh Rane without his knowledge at much-below market rates. The petition, which was reviewed by ET, alleges that the NRI businessman and Rajan had initially agreed to develop the property — located at the Sakinaka area, near the international airport — by investing . 2.5 crore each. They formed a company named Pantheon Infrastructure, formerly A-Class Builders, for the purpose. Read more of this post