Real Estate Transactions

HDFC sells mortgaged land in Mumbai to Macrotech for Rs.70-Cr

Business Line  

HDFC Ltd has sold a piece of land in Mumbai to Macrotech Developer (Lodha) for INR 70 crore under the SARFAESI Act, to recover dues from a defaulting borrower. Neptune Ventures and Developers had borrowed INR 250 crore from HDFC as a construction finance loan for a project called ‘Flying Kite and Eleve' in the eastern Mumbai suburb of Kanjurmarg. HDFC has sold 27,792 square metres of the total area of 35,645 square metres. The ‘Flying Kite' project occupies the remaining land, in which over 400 units have been sold. HDFC has sold the land to Macrotech on ‘without recourse' basis.

Want to receive such news items in your inbox? Click Here to sign up for a trial.

2021 © TSJ Media Pvt Ltd. All rights reserved.