Macrotech buys 28K sq m land from HDFC Ltd in Bhandup for ₹70 crore
Macrotech Developers has purchased 27,792 sq m of land on LBS Road in Bhandup from HDFC Ltd for ?70 crore, adjacent to Neptune Living City.
Mumbai: Macrotech Developers has purchased 27,792 sq m of land on LBS Road in Bhandup from Housing Development Finance Corporation Ltd. (HDFC Ltd) for a sum of ₹70 crore.
The land parcel is a part of Neptune Ventures & Developers Pvt. Ltd and is adjacent to Neptune Magnet Mall, rechristened Neptune Living City.
The transaction was registered on April 24, 2023, and Macrotech Developers paid a stamp duty of ₹27.28 crore, as per the registration documents accessed and shared by Propstack.com.
Neptune Ventures & Developers Pvt. Ltd had borrowed a construction finance loan of ₹250 crore from HDFC Ltd for its projects, Flying Kite and Eleve in Kanjurmarg. After Neptune was unable to repay the loan, which had touched ₹372.91 by February 2023, HDFC Ltd had taken possession of the property under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act.
The HDFC Ltd then sold a portion of the land admeasuring 27,792 sq m, to Macrotech Developers, as per the documents.
The registration documents indicated that the larger area of 35,645 sq m land, excluding 7,853 sq m area of land for the Flying Kite project, has been sold to Macrotech. The agreement between the two entities said as per the sale certificate, the immovable property/secured asset is being sold on a “without recourse” basis.
The Neptune Eleve project was to be built upon the sold land, but the construction has not yet started. Any claims from the purchasers of the sold units prior to the date of sale certificate shall be on the borrower (Neptune Ventures & Developers) or as per applicable law, the agreement said.
According to the documents, there are 463 home buyers who have booked apartments in Neptune Eleve since 2010-11. According to the MahaRERA portal, the project was scheduled for completion in December 2020, but it has been allowed a revised date of completion, which is December 2026.