HDFC Ltd sells Mumbai land to Lodha for Rs 70 crore to recover dues from borrower

The property is located at Lal Bahadur Shastri Marg (LBS Marg), Bhandup (West), Mumbai in Village Kanjur, Taluka Kurla, Mumbai suburban district, it showed. Representational image

HDFC Ltd has sold a land parcel to listed real estate firm Macrotech Developers, known as Lodha, for Rs 70 crore in Mumbai under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI), documents accessed by Propstack showed.

Neptune Ventures & Developers Pvt. Ltd had borrowed Rs 250 crore from HDFC Ltd for the project Flying Kite and Eleve in Kanjurmarg. The land parcel was mortgaged to HDFC Ltd under the terms of the loan agreement.

HDFC has sold a portion of land measuring 27,792 sq mt to Macrotech Developer to recover the loan amount under SARFAESI Act, the documents showed. The area of the larger land parcel is 35,645 sq m, it showed. A stamp duty of Rs 27.28 crore was paid by the developer, according to the documents.

The property is located at Lal Bahadur Shastri Marg (LBS Marg), Bhandup (West), Mumbai in Village Kanjur, Taluka Kurla, Mumbai suburban district, it showed.

As per the sale deed, the immovable property/secured asset is being sold on a ‘without recourse’ basis. This means that the buyer accepts the risks associated with the purchase of the land parcel and that the seller will not have any liability.

Emails have been sent to both Macrotech Developers and HDFC Ltd.