United Spirits Sells Property in Mumbai for Rs. 172 Crore

United Spirits Sells Property in Mumbai for Rs. 172 Crore

United Spirits Sells Property in Mumbai for Rs. 172 Crore

United Spirits has announced the sale of a residential property in Mumbai's prestigious Malabar Hill for Rs. 172 crore. The transaction, which was approved by the company's board, was conducted at arm's length and was not part of any related party deal. According to the stock exchange filing, buyers Ajaykumar and Manisha Vaghani will bear all applicable taxes and fees associated with the transaction.

The property includes furniture, fixtures, and fittings, and spans a ground floor along with two upper floors. United Spirits clarified that the agreement does not provide the buyers with any special rights, including the right to become directors on the company's board, or pre-emptive rights to share subscriptions or restrictions on changes to the company's capital structure.

This move is part of United Spirits' ongoing efforts to streamline its operations, as Diageo India continues to consolidate subsidiaries and liquidate non-core assets previously owned by the former USL promoter, Vijay Mallya. In a similar vein, three years ago, the company sold 32 brands to Inbrew for Rs. 828 crore under a five-year franchise arrangement.

Diageo acquired a stake in USL in 2013 and eventually took a majority stake by the following year. Mallya stepped down from the company in 2015 and left India in 2016 amidst financial difficulties.

About the author
Sandeep Sadh

About Sandeep Sadh

Sandeep Sadh has been in the real estate business since 1993 in Mumbai. He has expertise in Buying, Selling, Leasing properties in Mumbai and a deep understanding of legal and tax related matters due to his experience.

Summary

Over the years, he has experienced the City's growth. He has been a columnist in the Times of India with numerous articles, which bring about a clear picture of the real estate market in Mumbai. He is a regular on NDTV, CNBC, ET Now Real Estate and Zee News, giving his experienced quotes as and when required.

Sandeep Sadh has used information and technology since the year 1998 and now what people call it Prop Tech to cater to the needs of Home Buyer, Seller, Investor and Corporates, HNI and NRI looking to Buy/Sell or Lease their properties in the Mumbai Property Market.

Sandeep has a holistic experience of real estate be it Leasing an Apartment for your CEO in the most upmarket buildings, to enter into a long lease for your office in Mumbai in prime buildings or an Investment in good projects with a detailed analysis keeping in mind the Demand and Supply and other micro factors of the project/property.

Sandeep Sadh has developed a few websites like www.mumbaipropertyexchange.com, www.realestatemumbai.com, www.propi.in which augment the real estate consulting business.

Right from Investments in Primary Markets to Selling, leasing and specializing for NRI’s all over the world. He is an expert in NRI Home Buying and Selling and has a good understanding of the Income Tax laws pertaining to Selling a Property and Repatriating funds overseas or reinvesting based on Capital Gains etc.

Experience

  • Residential Leasing
  • Commercial Leasing
  • Residential Home Buying
  • Commercial Property Buying
  • Investment Properties with complete Property Management as your Real Estate Family office

While transacting in the above segments, he has complete experience and deep understanding of the paper work, his areas of expertise are :

  1. Drafting of the Leave and License Agreements
  2. MOU for Buying/Selling Properties
  3. Drafting Agreement for Sale
  4. Gift Deeds
  5. Computing of Capital Gains with current ready reckoner values
  6. Drafting of Supporting Power of Attorney.

As an add on Service, Sandeep Sadh has tied up with various Professionals like Lawyers and Chartered Accountants who add value in transacting and specially services for Non Resident Indians.

Application to Income Tax for Lower Tax Deduction Certificate – Through a qualified CA and keeping a grip on the traction so that the remittance back to Non Resident Indians after Selling the property is seamlessly transferred.

You can connect with Sandeep Sadh on ssadh@mumbaipropertyexchange.com

LinkedIn - https://www.linkedin.com/in/sandeepsadhmpe/