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4 Thane plots up for auction at ₹169 cr as developer’s dues mount
The auction comes amid financial distress at the developer, whose proposed 72-storey Star Living tower at Teen Haath Naka remains stalled
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Mumbai: Four plots in Thane owned by Shree Tirupati Group (STG) have been put up for e-auction at a combined reserve price of ₹168.96 crore as Rare Asset Reconstruction Company (Rare ARC) moves to recover dues, which amounts to ₹955.76, from two group companies. The properties, spread across Chitalsar-Manpada and Naupada, together cover 18,863.91 square metres.
The auction comes amid financial distress at the developer, whose proposed 72-storey Star Living tower at Teen Haath Naka remains stalled. STG announced the project in October 2022, billing it as Thane’s tallest building. Former India cricket captain Kapil Dev was reportedly among the homebuyers.
The four plots are located along Ghodbunder Road in Chitalsar-Manpada and near Thane railway station in Naupada. Their combined reserve price works out to about ₹89,568 per square metre, or ₹8,321 per square foot.
Rare ARC has initiated the sale after Theme Lifespaces Private Limited and Theme Residency Private Limited, associated with STG, defaulted on their debt. The auction is being conducted under the SARFAESI Act, 2002.
The two companies were classified as non-performing assets on March 30, 2024, after failing to meet their repayment obligations.
The sale notice names the companies and their guarantors, Haresh Gurbux Doultani, Vinod Gurbux Doultani, Priya Construction, Tristar Developers, Shree Tirupati Developers, Kapil Sharma and Rajdaksha Sharma, in connection with the outstanding dues.
According to the notice, outstanding non-convertible debenture dues stood at ₹855.5 crore as of June 30, 2025, and ₹70.26 crore as of August 31, 2025, with further interest and costs payable. Non-convertible debentures are debt instruments used by companies to raise long-term capital.
The e-auction is scheduled for next week. The reserve price is the minimum price set for the auction and does not necessarily indicate the final amount the properties will fetch.
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