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 â€˜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 â€˜Flying Kite' project occupies the remaining land, in which over 400 units have been sold. HDFC has sold the land to Macrotech on â€˜without recourse' basis.
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