Gokhale Constructions backs out of Jain Trust property deal after controversy

Gokhale Constructions, the company at the centre of the Jain hostel controversy, said on Sunday that it is backing out of the deal after controversy over the past few days. The 3.5 acre property in Model Colony belonging to Seth Hirachand Nemchand Smarak Trust, a charitable trust, was sold to Pune-based Gokhale Constructions for Rs 311 crore. It houses a decades-old Jain boarding facility and the Shri Bhagwan Mahavir Digambar Jain Temple.

A statement by Vishal Gokhale, Chairman and Managing Director of Gokhale Constructions said that the company was backing out of the deal. He wrote, “In view of the developments of the last few days, we have taken an important decision regarding the transaction of the Seth Hirachand Nemchand Digambar Jain Boarding in Model Colony.

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