Adani Realty bids for high rise residential complex in Mumbai

27 Dec 2021 CW Team

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

Products

06 Oct 2025

TOTO India Launches Premium G & L Showers with Sleek Faucet Range

TOTO India has launched its G Shower and L Shower series, alongside an expanded range of GT, LH, and Pull-Out lavatory faucets. The collection blends advanced technology, refined aesthetics, and everyday comfort, staying true to TOTO’s philosophy of creating spaces that are both beautiful and functional. The G Shower series delivers the 3Rs of showering: Relaxing, Refreshing, and Revitalizing. Features include the Calming Shawl spray mode, Warm Spa technology, and multiple overhead and hand-shower options across eight finishes. The L Shower complements this with easy-to-use controls sui..

Hero Future Energies Secures Funding for 120 MW Hybrid Project

Hero Future Energies (HFE), through its SPV Clean Renewable Energy Hybrid Three, has secured Rs 19.08 billion in funding from the State Bank of India (lead) and Canara Bank. The funds will be used to develop and construct HFE’s 120 MW renewable energy hybrid project at Kurnool, Andhra Pradesh. The project, contracted with SJVN, integrates wind, solar, and storage technologies to deliver reliable peak power. With a 21-year repayment period, the funding ensures timely execution and the commencement of commercial operations. The financial closure demonstrates continued lender confidence in..

IOC GPS Renewables Raises Rs 8.36 billion Debt for Compressed Biogas Plants

IOC GPS Renewables Private Limited (IGRPL), a joint venture between IndianOil Corporation and GPS Renewables, has raised Rs 8.36 billion (approx. US$ 95 million) in debt financing from Indian Bank to execute nine Compressed Biogas (CBG) projects across India. The funding is the largest single-bank debt raise in the CBG sector and the first fully non-recourse financing in India for these projects. The plants—four in Haryana, three in Uttar Pradesh, one each in Chhattisgarh and Andhra Pradesh—will each produce 15 tonnes of CBG per day using paddy straw as feedstock. All nin..