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

Vedanta Metal Bazaar Expands to Global Markets

Vedanta Aluminium has expanded its digital e-commerce platform, Vedanta Metal Bazaar, to international markets, enabling overseas customers to order and purchase aluminium products online.The platform will now be available to buyers across Asia, Europe, Africa and the Americas, providing a digital gateway for export transactions with 24x7 access.In FY26, Vedanta Metal Bazaar processed transactions worth nearly $4.1 billion, or over Rs 380 billion, and fulfilled more than 23,000 orders. The platform is also used regularly by more than 550 MSMEs in India alongside large OEM customers.The export ..

Next Story
Infrastructure Urban

Ramky Infrastructure Q1 FY27 Revenue Rises 24.3%

Ramky Infrastructure Limited reported a 24.3% year-on-year increase in consolidated revenue from operations to Rs 471.2 crore for Q1 FY27, compared with Rs 3.79 billion in the corresponding quarter of FY26.Standalone revenue from operations rose 27.5% YoY to Rs 4.51 billion from Rs 3.54 billion, while total standalone income increased 35% to Rs 5.32 billion.Consolidated profit before tax stood at Rs 540.9 million during the quarter. The company highlighted a sharp sequential improvement compared with a pre-exceptional loss of Rs 190.1 million in Q4 FY26.Two of the three projects awarded during..

Next Story
Technology

LTTS Launches AgenticIQ AI Platform for Engineering

L&T Technology Services (LTTS) has launched AgenticIQ, an end-to-end agentic AI platform designed for engineering and manufacturing organisations.The platform is aimed at helping enterprises move beyond isolated AI pilots by enabling autonomous, multi-agent workflows across engineering, product development, manufacturing, industrial operations and customer experience.AgenticIQ is built on LTTS’ Engineering Intelligence portfolio and converts existing engineering capabilities into specialised, reusable AI agents. Its planning-first architecture is embedded into engineering and production ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement