Mumbai: The Silver Oak complex at Bhulabhai Desai Road (Warden Road) in south Mumbai, where NCP leader Sharad Pawar resides in one of the bungalows, is likely to be redeveloped soon.Lodha Developers has acquired the development rights from the owner, the Sorabji Kanga Charity Trust for the 4.3-acre land parcel. Confirming the deal, a Lodha spokesperson however said currently plans have not been firmed up on how to redevelop this property.
As its name indicates, the trust was meant for Parsis and its trustees too belonged to the community. However, it is learnt that a few decades ago, it became a cosmopolitan trust. According to documents made available to TOI, the present trustees are Kamlesh Ghisulal Mehta, Vadappa Ramappa Kori and Vikas Champalal Mehta.“It is one of the last verdant areas in south Mumbai which has a cluster of old bungalows with servant quarters. The Pawars have been staying here for many years,” said a neighbourhood resident. Nestled amidst giant banyans and peepuls and wide roads, this is a cluster of old world Mangalore-tiled bungalows and old world politicians.“Bill Clinton had attended a lavish brunch in the garden which Pawar had hosted. Clinton had ended his term in office and was visiting Mumbai when he came to Silver Oak,” recollected another resident. Bungalow No 2, a ground-plus-one-storey structure where the Pawars stay, is in the name of Nishant Finance and Trading Company, whose director is Sadanand Bhalchandra Sule, son-in-law of the NCP leader.The trust had purchased the land way back in 1942 and currently has six bungalows and other structures occupied by tenants and lessees. The Silver Oak complex also has a tower named Palacimo. However, this building is excluded from the development agreement signed between the trust and developer.“The trust has been facing a financial crunch for the last several years and the income is barely sufficient to meet routine expenses. It is thus unable to undertake charitable activities in consonance with its objects. In order to raise funds, the only source available to the trust is the sale of development rights in respect of its properties,” said the trust. Last year, it invited offers from interested bidders for the sale of development rights.Subsequently, the trust accepted Lodha Developers’ security deposit of Rs 125 crore. In Oct last, the charity commissioner’s office granted approval for the sale of development rights. According to the agreement, the trust will receive 42.5% of the gross revenue from the development of the free sale project and a building with about 54,000 sq ft carpet area.
