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Mumbai’s Lincoln House sells for Rs 750cr!

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In perhaps the biggest residential property transaction in the country, industrialist Cyrus Poonawalla is paying an eye-popping Rs 750 crore for a US government-owned palace property called Lincoln House at Breach Candy in south Mumbai. He told TOI that he plans to use it as a family home.

The two-acre, sea-facing property housed the American consulate for several decades before it relocated to the city’s new business district of Bandra-Kurla Complex four years ago.

Lincoln House, formerly known as Wankaner Palace, was built in 1938 by the Maharaja of Wankaner (in central Gujarat). It is currently listed as a grade III heritage building.

The property has a large piece of open land in its sea-facing backyard, which currently houses a tennis court and a small garden patch.

In 2011, the US government had set a reserve price of Rs 850 crore for the property, but found few takers.

“No builder was interested to buy Lincoln House,” said Poonawalla, adding, “There is no development potential on the plot because of its heritage value and other restrictions. So developers backed out.”

Poonawalla added that his family did not appoint any global property consultant or broker to manage the deal. The US government had earlier retained DTZ international property advisors as its exclusive representative.

“The negotiations were initiated by my son Adar,” he said. The property will be used as a family home, but Poonawalla said extensive renovations will have to be carried out first because large sections of the palace were used as office space.

He said it would be difficult to say when the family would move in. “A lot of paperwork needs to be completed first. That may take time.”

Poonawalla, who lives in Breach Candy, was searching for bungalow properties including luxury apartments in the same locality for the past two years, before finally zeroing in on this landmark property.

Poonwalla was ranked by Forbes in 2015 as India’s 11th richest person with a net worth of $6.6 billion (about Rs 43,700 crore). His businesses include the Serum Institute of India, a biotech company. He is also known for his large stable of horses and cars.

In 2012, Tata Housing Development Company (THDC) had emerged as the frontrunner for Lincoln House, and it had almost matched the reserve price of Rs 850 crore. However, the deal did not progress further because of regulatory issues.

Property sources said most big developers found the price too high because the development potential of the plot is limited by coastal regulation zone (CRZ) restrictions and the heritage tag attached to the property.

The mega-deal comes just days after industrialist Aditya Birla paid Rs 425 crore for a bungalow property called Jatia House on Malabar Hill.

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Porn video played at Patna Railway Station on TV screens, officials take strict action

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A bizarre occurrence took place on Sunday morning about 9:30 am at the Patna train station in Bihar, when a porn film was broadcast on the station’s TV screens for three minutes. Disgruntled, pople reported the event to the GRP and the RPF.

After reporting the incident to the Government Railway Police and receiving no response, the Railway Protection Force contacted Dutta Communication, the agency responsible for running advertisements on the screens, and asked the agency to stop relaying the porn clip in front of people, including women and children.

The incident, which allegedly occurred on platform number 10, was captured on a passenger’s smartphone.

The railway authorities then filed a First Information Report (FIR) against Dutta Communication, leading to the company’s disqualification from future contracts with the Railways. Moreover, the agency has been fined as a result of the unfortunate occurrence.

There were rumours that the railway company had cancelled its contract with the company responsible for airing adverts on the station’s TVs. The Railway Department, however, has said that they are launching their own investigation into the situation.

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Maharashtra is happy that Balasaheb’ Shiv Sainik has become the CM: Eknath Shinde

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Panaji: Shiv Sena leader Eknath Shinde on Friday said that not only his Assembly colleagues but Maharashtra is happy that Balasaheb Thackrey’s Shiv Sainik has become Chief Minister of the State.

Supported by BJP, Shinde on Thursday took oath as the chief minister of Maharashtra after enjoying support of breakway section of Shiv Sena MLAs and other Independents.

The chief minister after taking the oath in Mumbai came back to Goa during the midnight to meet his colleagues who had supported him to rebel against outgoing CM Uddhav Thackrey.

Talking to reporters at Goa Airport, Shinde said that Maharashtra could see this day because of his 40 plus 10, total 50 MLAs.

“My colleagues (MLAs) and entire Maharashtra is  happy that Balasaheb Thackrey’s Shiv Sainik has become the chief minister of the state,” he commented.

The chief minister said that the government will do the works that are expected from them by the people from Maharashtra.

Shinde said that his government will work to deliver justice to every section of the society.

“We will also take ahead vision of Balasaheb Thackrey,” he commented.

When asked about the cabinet expansion, Shinde said that the future strategy would be discussed in the meeting with the colleagues.

Shinde along with his supporting MLAs had arrived in Goa on Wednesday night. On Thursday afternoon, Shinde had left for Mumbai.

In a series of political developments that unfolded in Mumbai, Shinde was sworn-in as the chief minister even as BJP leader Devendra Fadanavis took oath as the Deputy Chief minister of Maharashtra.

His swearing-in was celebrated by Shiv Sena MLAs who continued to remain in a resort at Dona Paula in Goa.

After landing at Dabolim Airport, Shinde went to the resort, located 30 kms away from the Airport, where the MLAs supporting him were waiting to welcome him. (GoaNewsHub)

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PM dedicates to the nationl electrified route network of KRCL

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Panaji: Prime Minister Narendra Modi on Monday dedicated to the nation the electrified route network of Konkan Railway Corporation Limited in virtual mode from Bengaluru. Union minister of State for Tourism Shripad Naik, State Public Works Department Minister Nilesh Cabral and others were present for the function at Margao Railway station. The Prime Minister inaugurated the electrified route. A cargo train was the first one to run on the electrified route from Margao Railway Station. A senior KRCL official said that on the Southern end of KRCL jurisdiction, Railway Electrification of Mangalore- Shoranur section is completed. “On the Northern end, Railway Electrification of Panvel-Pen-Roha section, a short stretch of 75.86 KM, is also completed. Further, Railway Electrification of Hospet-Hubli-Vasco-da-Gama section of South Western Railway is under progress,” he said.

The official said that in such a scenario, Railway Electrification of KRCL portion of the route had become necessary for seamless train operations over the entire west coast connecting North, Central and Southern India on electric traction. He said that Konkan Railway passes through dense forest cover of Sahayadri hills along the Western Coastal Strip. “This region is endowed with rich natural beauty and mineral resources. Electrification of Konkan Railway route will not only prove to be a major step in conserving its rich natural heritage and flora and fauna of the region but also help in its economic development,” he added. The official said that the electrification project was taken up with a cost of Rs 1100 Cr on 20 per cent Equity and 80 per cent Debt. “The Equity portion of Rs 200 Cr was funded promptly by the shareholders of KRCL i.e Ministry of Railways, Govt. of Maharashtra, Goa, Karnataka and Kerala. The remaining amount of Rs 900 Cr was arranged through Long Term Rupee loan from a consortium of lenders consisting of State Bank of India and EXIM Bank,” he said.

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