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Lodha (Macrotech Developer Ltd.) has taken over a piece of property that once belonged to Neptune Ventures & Developers Pvt. Ltd.

According to documents provided to Squarefeatindia by Zapkey the deal took place on April 24. The consideration here is of ₹70 crore.

A Stamp Duty of ₹27.28 crore was paid for the registration of the deal.

Actually Neptune Ventures & Developers Pvt. Ltd. Was the borrower, the lender here was Housing Development Finance Corporation Ltd. (HDFC Ltd) and the buyer is Macrotech Developer Ltd.

The details of the property are here a land admeasuring 35,645 sq. meters (out of larger land admeasuring 88,299.89 sq. meters) situated at Lal Bahadur Shastri Marg (LBS Marg), Bhandup (West), Mumbai 400 078 bearing CTS Nos. 372 (part) and 372/1 to 372/65 of Village Kanjur, Taluka Kurla, Mumbai Suburban District in the Registration District and Sub District of Mumbai City and Mumbai Suburban (commonly known as Bhandup Residential Estate/Complex) (being Ward Nos. S3779, S3780, S3945, and S3963) and demarcated as per PLANS attached to the Unilateral Indenture of Mortgage but excluding the land and building in respect of the project “Flying Kite” and sold units in the building “Eleve”.

Area of larger land = 35645 sqmt,
Area of Land under building Flying Kite = 7853 sqmt, Area of remaining land sold to Macrotech = 27792 sqmt

Neptune Ventures & Developers Pvt. Ltd. borrowed INR 250 Cr from HDFC for the project Flying Kite and Eleve in Kanjurmarg. HDFC has sold a portion of land admeasuring 27792 sqmt to Macrotech Developer to recover the loan under SARFAESI Act.
As per the Sale Certificate, the immovable property/secured asset is being sold on a “without recourse” basis.

Building by the name of Eleve was to be constructed upon the sold land, construction of the said building 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) and/or as per applicable law.

Also Read: Directors of Kandoi Fabrics (Daman Polyfabs) buy 4 properties worth Rs 217 Cr in Lodha Malabar

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