+
Adani Realty bids for high rise residential complex in Mumbai
Real Estate

Adani Realty bids for high rise residential complex in Mumbai

Adani Realty has bid for Ten BKC, a premium high rise residential complex near Bandra Kurla Complex, Mumbai.

The construction of this building was stalled because its promoter failed to repay Rs 3,000 crore dues to the creditors.

Owner of Ten BKC, Radius Estates and Developers were admitted for insolvency on 30 April by the National Company Law Tribunal (NCLT).

Adani offered to construct 400 apartments without any cost to the homebuyers. According to the sources, the quantum write-off for the lenders is as high as 90% of their outstanding dues. The banks have filed claims of nearly Rs 1,700 crore, which includes the interest accumulated over time.

The bid-offer by the company is a steep haircut to the lenders, including Housing Development and Finance Corporation (HDFC), Dewan Housing Finance Limited (DHFL), Industrial Credit and Investment Corporation of India's (ICICI) Prudential Venture Capital Fund, Beacon Trusteeship and Yes Bank.

According to sources, the housing project was stuck for years due to many issues, including the housing societies and other impediments during the construction. However, the project is 60-70% complete.

On 30 April, NCLT appointed S Gopalakrihana as the interim resolution professional of the company. The lenders then appointed Jayesh Sanghrajka as the resolution professional.

Ten BKC spread across 4.7 acres of land and was designed to accommodate 15 residential buildings. Those 400 apartments were on an offer during the launching of the project, and their price was Rs 5 crore each.

According to banking and real estate sources, if the takeover of the residential project is successful, it will provide respite to the homebuyers and create a template for the resolution of many other stalled projects in the city.

Image Source

Also read: Emami Realty set to launch two premium projects in Kolkata

Adani Realty has bid for Ten BKC, a premium high rise residential complex near Bandra Kurla Complex, Mumbai. The construction of this building was stalled because its promoter failed to repay Rs 3,000 crore dues to the creditors. Owner of Ten BKC, Radius Estates and Developers were admitted for insolvency on 30 April by the National Company Law Tribunal (NCLT). Adani offered to construct 400 apartments without any cost to the homebuyers. According to the sources, the quantum write-off for the lenders is as high as 90% of their outstanding dues. The banks have filed claims of nearly Rs 1,700 crore, which includes the interest accumulated over time. The bid-offer by the company is a steep haircut to the lenders, including Housing Development and Finance Corporation (HDFC), Dewan Housing Finance Limited (DHFL), Industrial Credit and Investment Corporation of India's (ICICI) Prudential Venture Capital Fund, Beacon Trusteeship and Yes Bank. According to sources, the housing project was stuck for years due to many issues, including the housing societies and other impediments during the construction. However, the project is 60-70% complete. On 30 April, NCLT appointed S Gopalakrihana as the interim resolution professional of the company. The lenders then appointed Jayesh Sanghrajka as the resolution professional. Ten BKC spread across 4.7 acres of land and was designed to accommodate 15 residential buildings. Those 400 apartments were on an offer during the launching of the project, and their price was Rs 5 crore each. According to banking and real estate sources, if the takeover of the residential project is successful, it will provide respite to the homebuyers and create a template for the resolution of many other stalled projects in the city. Image Source Also read: Emami Realty set to launch two premium projects in Kolkata

Related Stories

Gold Stories

Next Story
Infrastructure Urban

NABARD Holds Seminar on Vigilance, Integrity and Good Governance

National Bank for Agriculture and Rural Development (NABARD) organised a seminar on “Vigilance: Strengthening Integrity and Good Governance” on 25 August 2026 at its Head Office in Mumbai as part of the ongoing Vigilance Awareness Campaign 2026 being observed from 17 August to 16 November 2026, with the theme “Probity for Prosperity."" The seminar was graced by Suresh N Patel, Former Central Vigilance Commissioner, Government of India, as the chief guest and keynote speaker.  The programme was attended by G S Rawat, Deputy Managing Director, Dr Ajay K Sood, Deputy Managing Dire..

Next Story
Equipment

XCMG Unveils World's First 14,000-Ton Ring Crane for Heavy Lifting

XCMG has announced that the first main unit of the world's first 14,000-ton ring crane has rolled off the production line, marking a historic breakthrough in ultra-heavy lifting technology. Jointly developed by XCMG and Sinopec Heavy Lifting & Transportation Co., Ltd., the crane will be the largest-capacity ring crane ever built, setting a new benchmark for major construction projects worldwide.The crane features a modular configuration comprising two main units that work in tandem. The first main unit has completed final assembly and can independently perform lifting operations. Once both..

Next Story
Infrastructure Urban

Thriveni Logistics orders 200 tip trailers from Jagdamba trailers

Jagdamba Trailers (JTPL), one of India’s growing trailer manufacturers, has secured a significant order for 200 Tip Trailers from Thriveni Transport and Logistics Pvt. Ltd., a leading mining and logistics company serving operations across India and overseas.The order, placed for iron ore transportation, is a major milestone for JTPL, particularly as the company secured the business after competing with more than 10 established trailer manufacturers. It also strengthens an already successful relationship between the two companies. Approximately one and a half years ago, Thriveni Transport and..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code