Luxembourg REO Company 'Picard Angst India' Buys Plot in Santacruz, Mumbai

According to reports in the Mumbai real estate market, the subsidiary of Luxembourg-based real estate investment business Luxembourg REO Company SARL, Picard Angst India, has purchased a 2.8-acre plot in the western Mumbai district of Santacruz for approximately INR 86.52 crore.

Five joint owners, including global banking and finance expert Francis Andrew Rozario, former CEO and executive director of Temasek's Fullerton Financial Holdings, have sold the property to the business (International).

Picard Angst India was founded in 2019 with the purpose of conducting and managing construction operations inside the country's real estate industry. It is a wholly-owned subsidiary of Luxembourg REO that was established in 2018 with the goal of investing in real estate assets throughout the globe, with Picard Angst India being the first investment initiative.

Felstead Villa, a ground-plus-one-story bungalow situated on Gazdar Private Scheme, with a total built-up area of 4,005 square feet. The block of freehold property has clear and unfettered access from a public road and is devoid of any reservations.

The corporation paid 5.19 crore rupees in stamp duty for the registration of the transaction that took place on March 2, according to papers retrieved through IndexTap.com.

According to industry insiders, Picard Angst India is expected to create a premium residential complex on this property. In September 1936, M Gazdar Parsi sold the block of property to the Rozario family.