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Adani Realty bids for premium housing project in Mumbai's BKC

Economic Times  

Adani Realty, the privately owned real estate arm of Gautam Adani, has bid for Ten BKC, a premium high rise residential complex near Mumbai's commercial district Bandra Kurla Complex. The project's construction has stalled because its promoters failed to repay INR 3,000 crore dues to creditors such as banks and home buyers. Radius Estates and Developers, the company that owns Ten BKC, was admitted for insolvency proceedings on April 30 by the National Company Law Tribunal (NCLT). Adani Realty has offered to complete the construction of the 400 apartments in the complex without any cost to the home buyers. However, its bid offers a steep ‘haircut' to lenders such as HDFC, DHFL, ICICI Prudential Venture Capital Fund, Beacon Trusteeship and Yes Bank. The banks have filed claims of around INR 1,700 crore including interest.