Latest news with #PrestigeGroup
News.com.au
a day ago
- Business
- News.com.au
Inside $31m mansion abandoned on skyscraper after owner flees
The fate of an abandoned $31 million mansion perched on a 120 metre-tall skyscraper hangs in balance after its tycoon owner fled to the UK. Details of what's inside the unbelievable White House replica have been revealed for the first time, but it remains unclear whether the sprawling home will have any residents. Businessman and former Indian politician Vijay Mallya, 69, who lives in the UK, commissioned the Sky Mansion on the 34th and 35th Kingfisher Towers in Bengaluru, India in 2010. But the tycoon could never live in his dream home after he fled the country in 2016 after defrauding at least 17 banks of nearly $2.1 billion. Now, sources familiar with the case say the future of the mansion remains uncertain as lenders and agencies probing the fraud are still trying to recover cash from Mallya. Sprawled over an unbelievable 3716 square metres on two levels, the unique mansion sticks out like a sore thumb on the gargantuan tower. For its ultra-rich future owner — if it finds one — there's a helipad, infinity pool and an open deck that offers a 360-degree viewing platform of the city. Despite the penthouse being part of the skyscraper, it's a private villa with two of its own elevators. The Kingfisher Towers were built on 1.8 hectares of land where the father-in-law of former UK Prime Minister Rishi Sunak, Narayan Murthy, reportedly bought an apartment last year. The mansion was one of the first residential penthouses in India built at such a height. Prestige Group chairman Irfan Razack previously said constructing the gargantuan mansion was a challenge as it was mounted on cantilever — a structure only supported at one end. 'It's a complex structure,' he told local media. 'It was a challenge to construct the mansion on a huge cantilever at that height.' It's unknown when the build was completed, but the exterior of the mansion appears to be fully finished. But it's not clear if the White House replica is finished on the inside. Interior firm Morph Design and Co, an arm of Prestige Group which was hired to work on the interiors of the mansion, revealed to The Sun the 'interiors of the mansion were not done'. While the house is reportedly taken care of by the developers and regularly cleaned, the penthouse lies unoccupied due to legal tangles. Prestige Constructions didn't respond to a request from The Sun on its fate. Before the penthouse was finished, Mr Mallya fled the country after facing legal action over money laundering and alleged fraud charges. He had taken a loan from a syndicate of banks for the operations of his defunct Kingfisher Airlines, but he failed to make the payment. Mr Mallya is also the former co-owner of the Force India Formula One Team that went into administration. The tycoon left India in 2016 and later declared himself bankrupt in the UK. Indian banks have since been seeking to recover the outstanding loan amount through various legal means including the sale of his assets. Several of his properties have been seized by the Enforcement Directorate, otherwise known as the financial crimes police. The mansion is likely part of the recovery procedure. SS Naganand, the counsel who appeared for one of the banks, told The Sun, 'The tower was part of the entire recovery proceeding and all the assets belonging to him are part of the process, certainly that mansion. 'The building was constructed long before the litigation started. 'Prestige Group put up the structure and kept a portion of it, the rest of which came to [his] company and Mallya had built something for him on the top and belonged to him personally. 'From my understanding there were proceedings relating to that both in Indian courts and the UK courts.' Mr Mallya's former lawyer EC Agrawala said that the fate of the property can only be decided by the Indian government. 'The mansion was under construction,' he said. 'The last three to four years, I have not followed it. It was seized by the Enforcement Directorate but not fully confiscated. 'It is still lying unoccupied and unsold as the government is yet to decide its fate.'
Scottish Sun
2 days ago
- Business
- Scottish Sun
Inside world's wackiest £15million mansion left abandoned on 400ft skyscraper – and why the owner never moved in
THE fate of an abandoned £15million mansion perched on a 400ft skyscraper hangs in balance after the tycoon owner fled to the UK. Details of what's inside the unbelievable White House replica have been revealed for the first time - but it remains unclear whether the sprawling home will have any residents. 9 Businessman Vijay Mallya commissioned to build Sky Mansion on the 34th and 35th Kingfisher Towers Credit: Supplied 9 The sky-high structure was modelled off the White House Credit: Supplied 9 The build has a helipad and infinity pool Credit: Supplied 9 Businessman Vijay Mallya, 69, who lives in the UK, commissioned the Sky Mansion on the 34th and 35th Kingfisher Towers in Bengaluru, India in 2010. But the tycoon could never live in his dream home after he fled the country in 2016 after defrauding at least 17 banks of nearly £1billion. Now sources familiar with the case say the future of the mansion remains uncertain as lenders and agencies probing the fraud are still trying to recover cash from Mallya. Sprawled over an unbelievable 40,000sqft on two levels, the wacky mansion sticks out like a sore thumb on the gargantuan tower. For its ultra-rich owner - if it ever gets one - there's a helipad, infinity pool and an open deck that offers a 360-degree viewing platform of the city. And despite the penthouse being part of the skyscraper, it's a private villa with two of its own elevators. The Kingfisher Towers were built on 4.5 acres of land where the father-in-law of former Prime Minister Rishi Sunak, Narayan Murthy, reportedly bought a flat last year. The mansion was one of the first residential penthouses in the country built at such a height. Chairman of Prestige Group Irfan Razack previously said constructing the gargantuan mansion was a challenge as it was mounted on cantilever - a structure only supported at one end. He said to local media: "It's a complex structure. It was a challenge to construct the mansion on a huge cantilever at that height." Dubai hotel with world's largest waterpark It's unknown when the build was completed - but the exterior of the mansion appears to be fully finished. But it's not clear if the White House replica is finished on the inside. Interior firm Morph Design and Co, an arm of Prestige Group hired to work on the interiors of the mansion, revealed to The Sun that the 'interiors of the mansion were not done'. While the house is reportedly taken care of by the developers and regularly cleaned, the penthouse lies unoccupied due to legal tangles. Prestige Constructions didn't respond to a request from The Sun on its fate. Before the penthouse was finished, Mallya fled the country after facing legal action over money laundering and alleged fraud charges. He had taken a loan from a syndicate of banks for the operations of his now-defunct Kingfisher Airlines - but he failed to make the payment. 9 Former Indian politician and billionaire businessman Vijay Mallya leaves after his extradition hearing, at Westminster Magistrates Court in 2017 Credit: AP:Associated Press 9 The wacky mansion sticks out like a sore thumb atop the gargantuan tower Credit: Supplied 9 The building sits higher than the rest of the city Credit: Supplied 9 The mansion was one of the first residential penthouses in the country built on such a height Credit: Supplied The tycoon later declared himself bankrupt in the UK. Indian banks have since been seeking to recover the outstanding loan amount through various legal mean - including the sale of his assets. Several of his properties have been seized by the Enforcement Directorate, otherwise known as the financial crimes police. And the mansion is likely part of the recovery procedure. SS Naganand, the counsel who appeared for one of the banks, told The Sun: "The tower was part of the entire recovery proceeding and all the assets belonging to him are part of the process, certainly that mansion. "The building was constructed long before the litigation started. 'Prestige Group put up the structure and kept a portion of it, the rest of which came to [his] company and Mallya had built something for him on the top and belonged to him personally. "From my understanding there were proceedings relating to that both in Indian courts and the UK courts." Mallya's former lawyer EC Agrawala said that the fate of the property can only be decided by the Indian government. He said: "The mansion was under construction. "The last three to four years, I have not followed it. It was seized by the Enforcement Directorate but not fully confiscated. "It is still lying unoccupied and unsold as the government is yet to decide its fate." Who is Vijay Mallya? By Annabel Bate, Foreign News Reporter VIJAY Mallya, 69, is a former businessman and politician who is the subject of an extradition effort by the Indian Government to return him from the UK. Officials want him to face charges of financial crimes in India. Mallya was the founder and former owner of defunct Kingfisher Airlines, as well as former co-owner of the Force India Formula One team - but it went into administration. The tycoon fled India in 2016 after defrauding at least 17 banks of nearly £1billion. Mallya he also faced legal action over money laundering alongside alleged fraud charges. He had taken a loan from a syndicate of banks for the operations of his now-defunct Kingfisher Airlines - but he failed to make the payment. The tycoon later declared himself bankrupt in the UK. Indian banks have since been seeking to recover the outstanding loan amount through various legal mean - including the sale of his assets. Several of his properties have been seized by the Enforcement Directorate, otherwise known as the financial crimes police.
The Irish Sun
2 days ago
- Business
- The Irish Sun
Inside world's wackiest £15million mansion left abandoned on 400ft skyscraper – and why the owner never moved in
THE fate of an abandoned £15million mansion perched on a 400ft skyscraper hangs in balance after the tycoon owner fled to the UK. Details of what's inside the unbelievable White House replica have been revealed for the first time - but it remains unclear whether the sprawling home will have any residents. 9 Businessman Vijay Mallya commissioned to build Sky Mansion on the 34th and 35th Kingfisher Towers Credit: Supplied 9 The sky-high structure was modelled off the White House Credit: Supplied 9 The build has a helipad and infinity pool Credit: Supplied 9 Businessman Vijay Mallya, 69, who lives in the UK, commissioned the Sky Mansion on the 34th and 35th Kingfisher Towers in Bengaluru, India in 2010. But the tycoon could never live in his dream home after he fled the country in 2016 after defrauding at least 17 banks of nearly £1billion. Now sources familiar with the case say the future of the mansion remains uncertain as lenders and agencies probing the fraud are still trying to recover cash from Mallya. Sprawled over an unbelievable 40,000sqft on two levels, the wacky mansion sticks out like a sore thumb on the gargantuan tower. For its ultra-rich owner - if it ever gets one - there's a helipad, infinity pool and an open deck that offers a 360-degree viewing platform of the city. And despite the penthouse being part of the skyscraper, it's a private villa with two of its own elevators. The Kingfisher Towers were built on 4.5 acres of land where the father-in-law of former Prime Minister Rishi Sunak, Narayan Murthy, reportedly bought a flat last year. The mansion was one of the first residential penthouses in the country built at such a height. Most read in The US Sun Chairman of Prestige Group Irfan Razack previously said constructing the gargantuan mansion was a challenge as it was mounted on cantilever - a structure only supported at one end. He said to local media: "It's a complex structure. It was a challenge to construct the mansion on a huge cantilever at that height." Dubai hotel with world's largest waterpark It's unknown when the build was completed - but the exterior of the mansion appears to be fully finished. But it's not clear if the White House replica is finished on the inside. Interior firm Morph Design and Co, an arm of Prestige Group hired to work on the interiors of the mansion, revealed to The Sun that the 'interiors of the mansion were not done'. While the house is reportedly taken care of by the developers and regularly cleaned, the penthouse lies unoccupied due to legal tangles. Prestige Constructions didn't respond to a request from The Sun on its fate. Before the penthouse was finished, Mallya fled the country after facing legal action over money laundering and alleged fraud charges. He had taken a loan from a syndicate of banks for the operations of his now-defunct Kingfisher Airlines - but he failed to make the payment. 9 Former Indian politician and billionaire businessman Vijay Mallya leaves after his extradition hearing, at Westminster Magistrates Court in 2017 Credit: AP:Associated Press 9 The wacky mansion sticks out like a sore thumb atop the gargantuan tower Credit: Supplied 9 The building sits higher than the rest of the city Credit: Supplied 9 The mansion was one of the first residential penthouses in the country built on such a height Credit: Supplied The tycoon later declared himself bankrupt in the UK. Indian banks have since been seeking to recover the outstanding loan amount through various legal mean - including the sale of his assets. Several of his properties have been seized by the Enforcement Directorate, otherwise known as the financial crimes police . And the mansion is likely part of the recovery procedure. SS Naganand, the counsel who appeared for one of the banks, told The Sun: " The tower was part of the entire recovery proceeding and all the assets belonging to him are part of the process, certainly that mansion. "The building was constructed long before the litigation started. 'Prestige Group put up the structure and kept a portion of it, the rest of which came to [his] company and Mallya had built something for him on the top and belonged to him personally. "From my understanding there were proceedings relating to that both in Indian courts and the UK courts ." Mallya's former lawyer EC Agrawala said that the fate of the property can only be decided by the Indian government. He said: "The mansion was under construction. Read more on the Irish Sun "The last three to four years, I have not followed it. It was seized by the Enforcement Directorate but not fully confiscated. "It is still lying unoccupied and unsold as the government is yet to decide its fate." Who is Vijay Mallya? By Annabel Bate, Foreign News Reporter VIJAY Mallya, 69, is a former businessman and politician who is the subject of an extradition effort by the Indian Government to return him from the UK. Officials want him to face charges of financial crimes in India. Mallya was the founder and former owner of defunct Kingfisher Airlines, as well as former co-owner of the Force India Formula One team - but it went into administration. The tycoon fled India in 2016 after defrauding at least 17 banks of nearly £1billion. Mallya he also faced legal action over money laundering alongside alleged fraud charges. He had taken a loan from a syndicate of banks for the operations of his now-defunct Kingfisher Airlines - but he failed to make the payment. The tycoon later declared himself bankrupt in the UK. Indian banks have since been seeking to recover the outstanding loan amount through various legal mean - including the sale of his assets. Several of his properties have been seized by the Enforcement Directorate, otherwise known as the financial crimes police . 9 It's sprawled over an unbelievable 40,000sqft across two levels Credit: Supplied
The Sun
2 days ago
- Business
- The Sun
Inside world's wackiest £15million mansion left abandoned on 400ft skyscraper – and why the owner never moved in
THE fate of an abandoned £15million mansion perched on a 400ft skyscraper hangs in balance after the tycoon owner fled to the UK. Details of what's inside the unbelievable White House replica have been revealed for the first time - but it remains unclear whether the sprawling home will have any residents. 9 9 9 9 Businessman Vijay Mallya, 69, who lives in the UK, commissioned the Sky Mansion on the 34th and 35th Kingfisher Towers in Bengaluru, India in 2010. But the tycoon could never live in his dream home after he fled the country in 2016 after defrauding at least 17 banks of nearly £1billion. Now sources familiar with the case say the future of the mansion remains uncertain as lenders and agencies probing the fraud are still trying to recover cash from Mallya. Sprawled over an unbelievable 40,000sqft on two levels, the wacky mansion sticks out like a sore thumb on the gargantuan tower. For its ultra-rich owner - if it ever gets one - there's a helipad, infinity pool and an open deck that offers a 360-degree viewing platform of the city. And despite the penthouse being part of the skyscraper, it's a private villa with two of its own elevators. The Kingfisher Towers were built on 4.5 acres of land where the father-in-law of former Prime Minister Rishi Sunak, Narayan Murthy, reportedly bought a flat last year. The mansion was one of the first residential penthouses in the country built at such a height. Chairman of Prestige Group Irfan Razack previously said constructing the gargantuan mansion was a challenge as it was mounted on cantilever - a structure only supported at one end. He said to local media: "It's a complex structure. It was a challenge to construct the mansion on a huge cantilever at that height." Dubai hotel with world's largest waterpark It's unknown when the build was completed - but the exterior of the mansion appears to be fully finished. But it's not clear if the White House replica is finished on the inside. Interior firm Morph Design and Co, an arm of Prestige Group hired to work on the interiors of the mansion, revealed to The Sun that the 'interiors of the mansion were not done'. While the house is reportedly taken care of by the developers and regularly cleaned, the penthouse lies unoccupied due to legal tangles. Prestige Constructions didn't respond to a request from The Sun on its fate. Before the penthouse was finished, Mallya fled the country after facing legal action over money laundering and alleged fraud charges. He had taken a loan from a syndicate of banks for the operations of his now-defunct Kingfisher Airlines - but he failed to make the payment. 9 9 9 9 The tycoon later declared himself bankrupt in the UK. Indian banks have since been seeking to recover the outstanding loan amount through various legal mean - including the sale of his assets. Several of his properties have been seized by the Enforcement Directorate, otherwise known as the financial crimes police. And the mansion is likely part of the recovery procedure. SS Naganand, the counsel who appeared for one of the banks, told The Sun: "The tower was part of the entire recovery proceeding and all the assets belonging to him are part of the process, certainly that mansion. "The building was constructed long before the litigation started. 'Prestige Group put up the structure and kept a portion of it, the rest of which came to [his] company and Mallya had built something for him on the top and belonged to him personally. "From my understanding there were proceedings relating to that both in Indian courts and the UK courts." Mallya's former lawyer EC Agrawala said that the fate of the property can only be decided by the Indian government. He said: "The mansion was under construction. "The last three to four years, I have not followed it. It was seized by the Enforcement Directorate but not fully confiscated. "It is still lying unoccupied and unsold as the government is yet to decide its fate." Who is Vijay Mallya? By Annabel Bate, Foreign News Reporter VIJAY Mallya, 69, is a former businessman and politician who is the subject of an extradition effort by the Indian Government to return him from the UK. Officials want him to face charges of financial crimes in India. Mallya was the founder and former owner of defunct Kingfisher Airlines, as well as former co-owner of the Force India Formula One team - but it went into administration. The tycoon fled India in 2016 after defrauding at least 17 banks of nearly £1billion. Mallya he also faced legal action over money laundering alongside alleged fraud charges. He had taken a loan from a syndicate of banks for the operations of his now-defunct Kingfisher Airlines - but he failed to make the payment. The tycoon later declared himself bankrupt in the UK. Indian banks have since been seeking to recover the outstanding loan amount through various legal mean - including the sale of his assets. Several of his properties have been seized by the Enforcement Directorate, otherwise known as the financial crimes police. 9
Hindustan Times
3 days ago
- Business
- Hindustan Times
Prestige Group posts ₹25 crore net profit in Q4 FY25, down 82% YoY
Bengaluru-based listed real estate developer Prestige Group has posted an 82% decline in its consolidated net profit to ₹25 crore in the quarter ended March from ₹140 crore in the year-ago period, the company said in a regulatory filing. The company stated that the total income for the Q4 quarter also dropped to ₹1,589.3 crore from ₹2,232.5 crore in the corresponding quarter of the previous fiscal year. For the full financial year 2024-25, Prestige Estates recorded a decline in its net profit, which fell to ₹467.5 crore from ₹1,374.1 crore in 2023-24, down by 66%. Annual revenue was also down to ₹7,735.5 crore, a decrease from ₹ 9,425.3 crore in the previous year. In FY25, the company also partnered with Valor Group to develop an office complex worth ₹4,500 crore in Mumbai. The project's estimated Gross Development Value (GDV) is approximately ₹4,500 crore, with Valor and Prestige each holding a 50% economic stake. Also Read: Prestige Estates partners with Valor Group to develop an office complex project worth ₹4,500 crore in Mumbai's Andheri The project entails a total leasable area of 1.5 million sq ft and a Gross Development Value (GDV) of about ₹4,500 crore. The joint development agreement was signed on May 28 for land measuring 21,978.22 square metres in Andheri East, Mumbai. "The company and Valor Group shall jointly develop approximately 1.50 million sq. ft. of leasable area commercial office complex on a 50:50 joint venture basis," Prestige Estates said. The company will infuse ₹504 crore into the SPV (special purpose vehicle), which will be established to develop this project. In April 2025, Prestige Hospitality Ventures Limited ('PHVL'), a wholly-owned subsidiary of the Company, filed Draft Red Herring Prospectus with the Securities and Exchange Board of India for a proposed Initial Public Offering, comprising an offer for sale of such number of equity shares aggregating up to ₹1000 crore and fresh issue of equity shares aggregating up to ₹1700 crore, the regulatory filing said.
