59 HDIL flats at Virar owned by IL&FS up for auction

The inventory includes 14 three-bedroom units, 44 two-bedroom units and one one-bedroom unit, all located in Phase 2 of Residency Park

Mumbai: As many as 59 flats in Virar owned by debt-ridden Infrastructure Leasing & Financial Services Limited (IL&FS) have been put up for sale through an e-auction, according to sources in the real estate industry.

59 HDIL flats at Virar owned by IL&FS up for auction

The inventory includes 14 three-bedroom units, 44 two-bedroom units and one one-bedroom unit, all located in Phase 2 of Residency Park, a residential complex about 2.5 km from Virar railway station.

People familiar with the development said the reserve prices have been set slightly below prevailing market rates. A one-bedroom flat has a reserve price of ₹30 lakh, compared to an estimated resale value of ₹32 lakh. Two-bedroom units are priced at ₹40 lakh against a market value of around ₹50 lakh, while three-bedroom flats have a reserve price of ₹50 lakh, compared to roughly ₹65 lakh in the market.

“Those interested in buying these flats must first complete a non-disclosure undertaking process,” said a person aware of the developments. “Such individuals and companies will then be permitted to participate in an e-auction to be conducted at a later date.” Applicants will be given access to request-for-proposal documents and detailed property information prior to the auction.

These apartments belong to a subsidiary of IL&FS, which defaulted on over ₹99,000 crore of debt in 2018, triggering a government takeover and massive resolution process. They were constructed by another stressed company, Housing Development & Infrastructure Limited (HDIL). The Indian arm of the American commercial real estate services firm Cushman & Wakefield has the mandate to sell these apartments.

An IL&FS spokesperson shared that no reserve price has been set for the sale of any of these flats.

This is the third attempt to monetise IL&FS’s assets at Residency Park, in accordance with the directions of the National Companies Law Tribunal (NCLT). Earlier attempts in December 2022 (64 flats) and May 2023 (52 flats) saw limited success, with only five units sold for a total of around ₹1.15 crore, the person cited above said. Two-bedroom flats were sold for about ₹28 lakh each, while three-bedroom units fetched around ₹38 lakh. Cushman & Wakefield declined to comment on the latest auction round.

Beyond Virar, IL&FS has been monetising assets across India as part of its debt resolution. The group has sold properties in Mumbai—including Bandra Kurla Complex, Prabhadevi and Bandra—as well as in cities such as Hyderabad and Delhi, and in states including Rajasthan and Uttar Pradesh.

IL&FS defaulted in 2018 due to a combination of corporate governance lapses, poor risk management practices, manipulated financial reporting and regulatory inefficiencies. Its collapse caused severe distress in India’s non-banking financial sector. By November 2025, the company had repaid ₹48,463 crore of its total debt of ₹99,355 crore.