LIC Housing Finance puts Orbit Corp’s Andheri project on block to recover dues

MUMBAI: Following a default on loan repayment, LIC Housing Finance has put realty developer Orbit Corporation’s premium residential project in Andheri suburb of Mumbai on block to recover its dues.

LIC Housing Finance had taken possession of the property following the developer defaulting on loans worth 96 crore out of total dues of Rs 250 crore.

The lender has invited bids under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFESI) Act with a reserve price of Rs 125 crore for the project.

LIC Housing Finance had marked nearly 26,000 sq ft at Orbit Corporation's Lower Parel project Orbit Grand, 1.70 lakh sq ft at project Orbit Residency Park in Andheri and 45,600 sq ft space at Orbit Midtown at Lower Parel for its dues. The company had secured loans from LIC Housing Finance through personal guarantees executed by its directors Ravikiran Aggarwal and Pujit Aggarwal.