“The brothers divided 90% of the assets, while together they would keep 10% of the assets,” the sources said.
By Raghavendra Kamath
After 40 years of running the company, billionaires Hiranandani brothers – Niranjan and Surendra – have distributed their real estate assets worth Rs 20,000 crore in Mumbai.
“The brothers divided 90% of the assets, while together they would keep 10% of the assets,” the sources said.
Under the settlement, 72-year-old Niranjan is said to own properties in Powai and related assets, including home inventory, commercial real estate, parcels of land and so on. Surendra is said to own properties in Thane near Mumbai, sources said.
“We have done it peacefully and happily after leading together for 40 years. It is always better to distribute assets in good times,” Niranjan said. However, he did not comment on the division’s valuation section.
In 2016, the Hiranandani brothers sold 4 million square feet of assets in Powai to Canadian-based Brookfield Asset Management for approximately $1 billion. The distribution was in the ratio of 50:50. They had 0.5 million square meters of commercial assets in Powai after the sale and then developed about 3,000 residential units in the suburb of Mumbai.
The brothers left the family profession. Their father LH Hiranandani was a renowned physician. He and his brother Surendra founded the company in 1978 and bought 250 acres in Powai to develop Hiranandani Gardens.
Surendra was unavailable for the story.
Until now, the parent company Hiranandani Developers was run by Niranjan, but ownership was 50:50 between the brothers.
After the split, the brothers would continue to manage the assets they own separately, sources said.
Niranjan has 500 acres in Panvel, 250 acres in Alibaug, Khandala near Pune and in Pune. He has residential projects in Panvel and under development in Khandala.
Niranjan also has a storage platform with US-based fund manager Blackstone, which has approximately 3 million square feet of properties.
Surendra owns properties in Chennai and Bengaluru separately.
In 2019, Niranjan announced that his son Darshan would become the successor to his real estate empire. Darshan led the group’s quest for energy and data centers and most recently, the consumer technology space.
In 2009, Niranjan had a dispute with his London-based daughter Priya Vandrevala, who had accused her father and brother of violating a development agreement. In 2016, the London Court of International Arbitration ruled in its favor and asked them to pay Priya Rs 360 crore. The matter is now settled.
In the real estate segment of IIFL Wealth Hurun India Rich List 2021, Niranjan came in at number four with a wealth of Rs 34,100 crore.
This post Hiranandani brothers distribute Rs 20,000 crore real estate
was original published at “https://www.financialexpress.com/industry/hiranandani-brothers-divide-rs-20000-crore-realty-assets/2463330/”
