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

Next Story
Resources

Skyview by Empyrean is Making Benchmarks in the Indian Ropeway Industry

FIL Industries Private Limited, the parent company of Empyrean Skyview Projects that pioneered ropeway mobility solutions in India with Jammu’s Skyview Gondola, is currently developing the Dehradun-Mussoorie ropeway and is on track to complete Phase I by September 2026. The ropeway is set to be India’s longest passenger aerial monocable covering 5.8 km between the foothills of Dehradun in Purkulgam and MDDA taxi stand in the hills of Mussoorie in just under 20 minutes. The firm pioneered green mobility solutions in India with the development of the flagship Skyview Gondola in Jam..

Next Story
Technology

Creativity is for Humans, Productivity is for Robots!

On most construction sites, the rhythm of progress is measured by the clang of steel, the hum of machinery and the sweat of thousands. But increasingly, new sounds are entering the mix: the quiet efficiency of algorithms, the hum of drones overhead, and the precision of robotic arms at work. Behind the concrete and cables, an invisible force is taking hold: data. It is turning blueprints into living simulations, managing fleets of machines, and helping engineers make decisions before a single brick is laid. This is not the construction of tomorrow; it is the architecture of today – built on ..

Next Story
Infrastructure Urban

Bhartiya Urban Unveils ‘Bhartiya Converge’ GCC Enablement Platform

Bhartiya Urban has launched Bhartiya Converge, its latest business venture designed to become India’s premier platform for enabling Global Capability Centres (GCCs). The initiative offers an integrated ecosystem aimed at helping global clients gain a competitive edge in today’s rapidly evolving business environment. Focused on enhancing turnaround time and operational efficiencies, the company seeks to deliver better business outcomes powered by top-tier talent. Bhartiya Converge presents a customised and integrated suite of microservices that addresses the nuanced and evolving operational..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?