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HDFC sells mortgaged land for Rs 70 crore to Lodha

Jun 27, 2023

By: BlinkX Research Team

To recover a loan of Rs 250 crore given to Neptune Ventures and Developers, HDFC has sold a piece of land in Mumbai to Macrotech Developer (Lodha) for Rs 70 crore under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act. 

The land, which was mortgaged to HDFC as part of the loan agreement, has a total area of 35,645 square metres. HDFC sold 27,792 square metres of this land, while the remaining area is occupied by the 'Flying Kite' project, where over 400 units have been sold. 

The sale of the land to Macrotech was done on a 'without recourse' basis, meaning that the buyer assumes all risks and the seller has no liability. HDFC had been sending demand notices to Neptune Ventures for loan repayment since 2021, but the developer was unable to comply. 

An advertisement for the property sale in January 2022 stated that the outstanding dues to HDFC amounted to over Rs 303 crore. Neptune Ventures has been undergoing bankruptcy proceedings since August of the previous year after being taken to court by a financial creditor for non-payment of dues totaling over Rs 17 lakh.

Content Source: Media Reports