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.

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