Wadhwa Group gets 6.5-acre Thane plot with Rs 208 crore bid

MUMBAI: Mumbai-based realty developer Wadhwa Group has emerged as the sole and highest bidder for a 6.5-acre land parcel with its bid of Rs 208 crore, said two persons familiar with the development.

The land parcel was auctioned by mortgage lender Housing Development Finance Corporation under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 to recover its dues.

An email query sent to HDFC remained unanswered until the time of going to press, Wadhwa Group spokesperson confirmed the development.

Wadhwa Group has already paid Rs 20 crore as earnest money deposit. Out of balance Rs 188 crore, the developer will have to pay Rs 32 crore now and remaining Rs 156 crore within 15 days.

The e-auction for the plot on Thane’s Pokharan Road 2 was held on Tuesday. The land parcel was mortgaged to HDFC by Windsor Realty, a joint venture between Gopal Narang and Rajan Raheja. Windsor Realty had acquired the plot from an RPG Group company.

In 2014, Tata Housing Development Company had acquired a 7-acre plot adjacent to this land parcel from KEC International for over 200 crore.