Indiabulls Commercial Credit Ltd, has taken symbolic possession of three villas, flats and lands connected to Wadhawans and real estate companies. These properties are located in Mumbai’s Juhu and Bandra areas.

By Varun Singh

Indiabulls Commercial Credit Ltd earlier this month took symbolic possession of three villas in Juhu, and several flats connected to Wadhawans and real estate companies in Juhu and Bandra.

On August 4, 2020, Indiabulls took symbolic possession of these properties located in Mumbai.

Indiabulls issued two separate public notices recently. The first notice is about three Villas and nine flats located in a building named Equest in Juhu. The same notice talks about three flats in the building Monticello located at Mount Mary road, Bandra.

The notice states that, Indiabulls Commercial Credit Ltd, first issued a demand notice dated March 9, 2020 upon borrowers.

The list of borrowers include, Juhu Real Estate Developers Pvt Ltd, Samudra Developers Pvt Ltd, JVPD One Builder LLP, Dheeraj Wadhawan (guarantor) and RKW Developer Pvt Ltd (Guarantor).

The first demand notice was asking them to repay Rs 26.70 crore and interest along with income tax deducted at source amounting to Rs 1.67 crore within 60 days.

However, the borrowers failed to repay and hence Indiabulls took symbolic possession of the properties on August 4, 2020.

The properties in Equest, Juhu measured a total of 22,857 sq ft, while that of Monticello in Bandra measures 10,349 sq ft plus 1479 sq ft (terrace area).

The second notice is after the same borrowers listed above failed to repay a total loan amount of Rs 25.13 crore plus Rs 1.10 crore as interest along with income tax deducted at source.

Post which Indiabulls took symbolic possession of land at Monticello, Bandra measuring 919 sq mts and land at Equest, Bandra measuring 3,311 sq mts.

The properties are now subject to charge of Indiabulls.

Also Read: PMC Bank puts on sale a yacht and two aircrafts

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