inside job
They spent approximately Rs. 270 crore redoing the property, all borne by the public company, Raymond.
Strangely, Raymond put a clause in during the redevelopment. That Raymond would SELL the residential part of the property to the Singhanias (Vijaypat, his sister-in-law, and his two sons) for Rs. 9,200 per sq. ft. if they wanted to buy.
Note: The selling price of Rs. 9,200 is less than the money spend in redoing the property. JK House has an area of 245,000 sq. ft. and at Rs. 270 cr. the cost of redoing it was Rs. 11,000 per sq. ft.
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