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    Mumbai’s Iconic Building Goes Under the Hammer

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    IDBI Bank has put the iconic Minerva property in Mumbai on sale for Rs 61.20 crore. This was confirmed by R K Bansal, Executive Director, IDBI Bank.In May 2012, the bank took possession of the 15,975-sq-ft property from NevilleTuli’s Osian’s Connoisseurs of Art Pvt Ltd as the outstanding loan amounted to Rs 85 crore. The 1,775 sq yards plot is reserved for a theatre and cannot be redeveloped without constructing one in its place. Experts reveal that in similar projects acquired by private developers, a mini-theatre is constructed and rest of the land use for commercially ventures. The Minerva plot could theoretically house around 40,000-sq-feet of commercial property, the value of which would be Rs 300 crore.

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