Real Estate

Real Estate Transactions

GVK family member buys North Goa's Palacio Aguada for Rs.80-Cr

Economic Times  

Palacio Aguada, a secluded carved-from-a-mountain sea-facing property in North Goa, has been bought by Pinky Reddy, wife of GVK Group vice chairman Sanjay Reddy, for INR 80 crore. The deal for the bungalow property spread over 5 acres, previously owned by the late entrepreneur Jimmy Gazdar, was set to close in June, but its conclusion got delayed due to some last-minute legal hurdles. Credwyn Holdings (India), a Kolkata-based non-banking finance company (NBFC), had sought a stay on the deal, citing an old claim on Gazdar. The transaction has now been concluded after the Calcutta High Court modified its earlier injunction to allow the sale but asked to keep a part of the proceeds in a separate account till the Credwyn suit is resolved.