+
Piramal Capital sells two offices to TCG Urban Infra for Rs 110 crore
Real Estate

Piramal Capital sells two offices to TCG Urban Infra for Rs 110 crore

Piramal Capital & Housing Finance has sold two office spaces totalling 22,524 square feet in the commercial tower TCG Financial Centre in Mumbai's business district Bandra-Kurla Complex to TCG Urban Infrastructure Holdings for more than Rs 110 crore.

TCG Urban Infrastructure sold the same office space in 2013 to Dewan Housing Finance Corporation (DHFL), which has since merged with Piramal Capital & Housing Finance Ltd, as part of a buyback agreement. DHLF had purchased these offices on the 9th and 10th floors of the commercial tower in BKC's G Block for Rs 95 crore at the time. It then paid Rs 4.75 crore in stamp duty to register the transaction.

TCG Urban Infrastructure Holdings completed and registered the deals for both offices on March 28 and paid stamp duty of Rs 6.60 crore, according to documents accessed via CRE Matrix.

TCG Urban Infrastructure Holdings will also gain exclusive access to a total of 31 parking spaces as part of the agreement. Emails sent to Piramal Capital & Housing Finance and TCG Urban Infrastructure Holdings went unanswered until the time of publication. The NBFC has been actively selling bad loans in order to clean up DHFL's stressed book, which it purchased in a bankruptcy auction in September 2021.

It paid Rs 34,250 crore for DHFL, which included Rs 14,717.4 crore in cash and bonds issued to DHFL lenders for the remaining Rs 19,532.5 crore. After a Swiss challenge auction failed to generate a counter offer, Piramal Capital & Housing Finance will sell its Rs 5,546-crore bad loan portfolio inherited from DHFL to JM Financial Asset Reconstruction Company.

JM Financial ARC has made an offer to buy the portfolio for Rs 2,550 crore, representing a 46% recovery rate. The NBFC sold distressed loan portfolios totaling Rs 4,451 crore to VSJ Investments in two tranches in June 2022.

Also Read
Welspun New Energy's CEO and Executive Director is Kapil Maheshwari
Master Plan Road worth Rs. 6.3 crore ready for inauguration

Piramal Capital & Housing Finance has sold two office spaces totalling 22,524 square feet in the commercial tower TCG Financial Centre in Mumbai's business district Bandra-Kurla Complex to TCG Urban Infrastructure Holdings for more than Rs 110 crore. TCG Urban Infrastructure sold the same office space in 2013 to Dewan Housing Finance Corporation (DHFL), which has since merged with Piramal Capital & Housing Finance Ltd, as part of a buyback agreement. DHLF had purchased these offices on the 9th and 10th floors of the commercial tower in BKC's G Block for Rs 95 crore at the time. It then paid Rs 4.75 crore in stamp duty to register the transaction. TCG Urban Infrastructure Holdings completed and registered the deals for both offices on March 28 and paid stamp duty of Rs 6.60 crore, according to documents accessed via CRE Matrix. TCG Urban Infrastructure Holdings will also gain exclusive access to a total of 31 parking spaces as part of the agreement. Emails sent to Piramal Capital & Housing Finance and TCG Urban Infrastructure Holdings went unanswered until the time of publication. The NBFC has been actively selling bad loans in order to clean up DHFL's stressed book, which it purchased in a bankruptcy auction in September 2021. It paid Rs 34,250 crore for DHFL, which included Rs 14,717.4 crore in cash and bonds issued to DHFL lenders for the remaining Rs 19,532.5 crore. After a Swiss challenge auction failed to generate a counter offer, Piramal Capital & Housing Finance will sell its Rs 5,546-crore bad loan portfolio inherited from DHFL to JM Financial Asset Reconstruction Company. JM Financial ARC has made an offer to buy the portfolio for Rs 2,550 crore, representing a 46% recovery rate. The NBFC sold distressed loan portfolios totaling Rs 4,451 crore to VSJ Investments in two tranches in June 2022. Also Read Welspun New Energy's CEO and Executive Director is Kapil Maheshwari Master Plan Road worth Rs. 6.3 crore ready for inauguration

Next Story
Infrastructure Urban

Hansgrohe Appoints Abdulkader Bengali as India Managing Director

Hansgrohe Group, the German manufacturer of premium bathroom and kitchen solutions, has appointed Abdulkader Bengali as Managing Director for its India operations, effective August 18, 2025. With over 26 years of leadership in the construction and building materials sector, Bengali has held key roles at Sintex BAPL, ALP Aeroflex, and Owens Corning. A gold medallist engineer from NIT Surat and an Executive MBA from SP Jain, he is known for driving business turnarounds and high-growth strategies. Welcoming the appointment, Thomas Stopper, Vice President Asia, Hansgrohe Group, said: “..

Next Story
Products

Kenstar Launches India’s First 5-Star Rated Air Cooler Range

Kenstar, one of India’s most trusted consumer appliance brands for nearly three decades, has introduced the country’s first BEE 5-Star Rated Energy Efficient Air Cooler range. Unveiled in Gurugram, the new portfolio is backed by a 5-year warranty, delivering both performance and peace of mind. The launch is part of Kenstar’s new ‘Power of 5’ campaign, symbolising five key benefits—Performance, Efficiency, Quality, Durability, and Reliability. Each product in the line-up features advanced BLDC Maxx Technology, Quadra Flow Technology for powerful air delivery, Hydro Dense Mesh H..

Next Story
Resources

Alt Unveils India’s First PMS Focused on Listed REITs & InvITs

Alt, India’s leading alternative investments platform, has launched ARIPS – Alt REIT InvIT PMS Strategy, the country’s first and only Portfolio Management Service exclusively investing in units of listed Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs). The strategy aims to give investors structured access to India’s rapidly expanding real estate and infrastructure assets, offering stable yields of c. 8–9 per cent annually (distributed quarterly) and target returns of 12–15 per cent IRR over a four-year horizon.   REITs and Inv..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?