LIC Housing Finance blocks Orbit Corp's Mumbai project

Q: To recover its dues, LIC Housing Finance has blocked realty developer Orbit Corporation's premium residential project in Mumbai

Manisbapu, Mumbai

1st July 2015

Real estate News in Mumbai

lic housing finance

default of loans

orbit corporation

premium residential project in mumbai

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Replies (2)

True Manis,
As per the news, LIC Housing Finance had taken possession of the property following the developer defaulting on loans worth Rs 96 crore out of total due of Rs 250 crore. They will auction the property for defaults of loans.

Govinda,

1st July 2015

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Right Govinda,
It has invited bids under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFESI) Act and has kept a reserve price of Rs 125 crore for the 9,083 sq-mt or over 90000 sq-ft property.

It is expected that the biders can send bids by the July 30.

Abhishek,

1st July 2015

Well Abhishek,
Has the LIC Housing Finance marked the property for bidding? Which are those properties going for bid?

Govinda,

1st July 2015

Yes, The bank had marked about 26000 sq-ft at Orbit's Lower Parel project Orbit Grand, 1.70 lakh sq-ft at project Orbit Residency Park in Andheri and 45600 sq-ft space at Orbit Midtown at Lower Parel for its dues.

Abhishek,

1st July 2015

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Sophiaropper, Bangalore

1st July 2015

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