Honest Shelters strikes agreement to buy Worli's iconic Palais Royale

Palais Royale was designed to accommodate immediate occupation following any earthquake in the city of Mumbai

Last Friday, Honest Shelters, a little-known company from Pune with paid-up share capital of Rs 1 lakh, struck an agreement to pony up  Rs 705 crore as earnest (consideration) money to buy the iconic Worli skyscraper Palais Royale that went up on auction from realty firm Indiabulls Housing Finance (IHFL), said sources privy to the deal.  

IHFL had put the incomplete building up on auction earlier as well, with an initial price of Rs 995 crore in order to recover funds that had been loaned to the Vikas Kasliwal-led Shree Ram Urban Infrastructure, which had started to develop the building