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 Transport

Kilambakkam Station, Skywalk Opening Delayed To January 2026

The long-awaited Kilambakkam railway station and pedestrian skywalk connecting it to the Kilambakkam Kalaignar Centenary Bus Terminus (KCBT) will now open only by January 2026, after multiple construction delays by both the Chennai Metropolitan Development Authority (CMDA) and Southern Railway. The postponement has left thousands of commuters struggling with poor connectivity during the ongoing festive season.Located nearly 25 kilometres from Chennai, KCBT serves as a major hub for mofussil and SETC buses heading to districts across Tamil Nadu. In the absence of train connectivity, commuters a..

Next Story
Infrastructure Transport

Railways Clears Rs 1.12 Billion Six-Lane Bridge Near Amaravati

The Ministry of Railways has approved the construction of a six-lane road over bridge (ROB) at the E13 extension road between Mangalagiri and Krishna Canal stations in Andhra Pradesh, at an estimated cost of Rs 1.12 billion. The project, fully funded by the Railways, aims to improve regional connectivity and ease traffic flow towards the Amaravati Capital Region.The proposed bridge will provide a crucial link between National Highway-16 (NH-16) and Amaravati, crossing the busy Chennai–Howrah railway line near Vijayawada. Initially planned as a four-lane structure, the design has been upgrade..

Next Story
Real Estate

Bombay HC Questions Cuffe Parade Redevelopment On Prime Govt Land

The Bombay High Court (HC) has raised serious concerns over the redevelopment of 33 acres of prime government land in Cuffe Parade, South Mumbai, under the Slum Rehabilitation Authority (SRA) scheme, calling it a potential misuse of public property under the guise of slum rehabilitation.In a strongly worded order issued on 1 October 2025, a division bench of Justices G.S. Kulkarni and Aarti Sathe observed that transferring such valuable land for private development amounted to “removing it from the public pool” and “throwing it open for commercial exploitation” in a city already depriv..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?