The public notice, dated October 6, 2025, and published from the bank’s corporate office in Kalina, Santacruz East, details the sale under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002, read with proviso to Rule 8(6) of the Security Interest (Enforcement) Rules, 2002. The property—comprising Survey No. 344 (Part), CTS No. 1 in Village Dahisar, Taluka Borivali—has been mortgaged/charged to Unity Small Finance Bank as security for loans extended to Ravijoyt Finance and Leasing Private Limited (RFLPL), designated as the “Mortgagor,” and HDIL, the “Borrower.” Guarantors named in the notice include Mr. Rakesh Kumar Kuldeep Singh Wadhawan, the patriarch and founder of HDIL, and his son, Mr. Sarang Rakesh Wadhawan.

Constructive possession of the asset was taken over by the bank’s Authorised Officer on December 26, 2023, following defaults on outstanding dues totaling a staggering ₹2,059.30 crore (precisely ₹2,059 crore, 30 lakh, 48 thousand, 62 paise, inclusive of interest). The sale will proceed on an “As is where is,” “As is what is,” “Whatever there is,” and “No Recourse” basis, with an earnest money deposit of ₹15 crore required from prospective bidders. Detailed terms and conditions are available on the bank’s website, www.theunitybank.com.

This auction is a direct fallout from the Wadhawan family’s entanglement in what investigators describe as India’s largest banking fraud. The scandal erupted in 2019 when the Reserve Bank of India (RBI) placed DHFL under resolution after uncovering fraudulent loans amounting to over ₹34,615 crore disbursed to 66 shell companies controlled by the Wadhawan brothers—Kapil Wadhawan (DHFL’s former managing director) and Dheeraj Wadhawan (former director)—and their associates. These loans, routed through a consortium of 17 public sector banks led by Punjab National Bank (PNB), were allegedly siphoned off for personal enrichment and unrelated ventures, including Bollywood film financing and luxury real estate acquisitions.

The Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) have been probing the case since 2020, charging the Wadhawans with criminal conspiracy, cheating, and money laundering under the Prevention of Money Laundering Act (PMLA). HDIL, the family’s flagship realty firm founded by Rakesh Wadhawan in 1991, is also implicated in the ₹4,300 crore Punjab and Maharashtra Cooperative (PMC) Bank scam, where the bank had extended massive loans to HDIL without adequate collateral, leading to its collapse and the freezing of depositors’ accounts.

Recent judicial developments have intensified scrutiny on the family. On August 5, 2025, the Supreme Court cancelled bail for Dheeraj Wadhawan in the DHFL case, rejecting medical grounds for extension and directing him to surrender within two weeks. This followed the National Company Law Tribunal’s (NCLT) declaration of Kapil Wadhawan as bankrupt on August 19, 2025, amid mounting creditor pressures. Sarang Wadhawan, though less prominently charged, has been named as a guarantor in multiple recovery proceedings, including this Unity Bank action. Rakesh Wadhawan, now in his late 70s, has faced arrest and bail in related probes but remains a key figure in asset liquidation efforts.

The Dahisar property, bounded by Jaffri Creek to the north, the boundary of Eksar to the south, the Dahisar River to the east, and a narrow road creek plus boundary to the west, represents a trophy asset in Mumbai’s booming real estate corridor. Spanning 429 acres with corresponding extents, it holds immense redevelopment potential amid the city’s northward urban expansion. Industry experts estimate its market value could exceed the reserve price by 20-30%, factoring in locational premiums near the Western Express Highway and upcoming metro connectivity. However, bidders may face challenges from ongoing litigation and environmental clearances tied to the site’s creek-adjacent location.

This sale is part of a broader asset monetization drive by the DHFL resolution professional and individual lenders like Unity Bank, which has stepped up as a small finance bank post-merger with Centrum Financial Services. Over the past year, similar auctions have fetched recoveries from HDIL’s stalled projects in Thane and Virar, contributing to a cumulative ₹5,000 crore clawed back from the family’s empire. Yet, with total exposure across scams nearing ₹40,000 crore, full recovery remains elusive, highlighting systemic vulnerabilities in India’s non-banking financial sector.

As the e-auction portal opens bids, all eyes will be on whether this landmark sale marks a turning point in dismantling the remnants of the Wadhawan saga—or merely another chapter in India’s protracted battle against white-collar crime.

Also Read: HDIL’s Wadhawan had gifted Bandra bungalow to trust in 2018

The post Exclusive: Wadhawan Family’s 429-Acre Dahisar Land Parcel Set for E-Auction at ₹1,234.62 Crore appeared first on Square Feat India.

The combined results of the e-auction will be announced on September 11, 2025, at 11:00 AM. The results will be available on both

https://eauction.mhada.gov.in and https://mhada.gov.in.

The shops are located in several areas, including Mulund Gavaan Pada (6 shops), Kurla-Swadeshi Mill (5), Tunga Powai (2), Kopari Powai (23), Charkop (23), Old Magathane Borivali East (6), Mahavir Nagar Kandivali West (6), Pratiksha Nagar Sion (9), Antop Hill Wadala (3), Malwani Malad (46), Bimbisar Nagar Goregaon East (17), and Shastri Nagar Goregaon, Siddharth Nagar, and Majaswadi Jogeshwari East (1 shop each).

To participate, applicants must be over 18 years old at the time of application, have a domicile certificate from the state of Maharashtra issued after 2018, and pay the earnest money as per the prescribed amount. Detailed eligibility criteria, descriptions of each shop, social reservations, and terms and conditions are available on

https://eauction.mhada.gov.in and https://mhada.gov.in. Applicants are urged to read all terms and conditions in the brochure before applying.

Also Read: Badlapur MHADA Lottery

The post Registration Extended to Sept 8 for MHADA’s E-Auction of 149 Non-Residential Shops appeared first on Square Feat India.

By Varun Singh

The City and Industrial Development Corporation (CIDCO) has come up with plans for auctioning 12 prime plots in Navi Mumbai.

These plots that shall be available on lease are located in three different nodes of Navi Mumbai.

CIDCO will put out all the details regarding the auction on its website on Tuesday (June 15, 2021). This includes a scheme booklet with bidding schedule and others.

The plots that CIDCO has put on auction are located in Kharghar, Kalamboli and New Panvel.

These plots that are available on lease are for residential cum commercial use.

Details of plots

Of the 12 plots four are in Kharghar, five in Kalamboli two are in New Panvel (E) and one in New Panvel (W).

The base FSI of the plots is 1.5.

The bidder registration will start from June 15, 2021, at 11 am to 5 pm on July 7, 2021.

The e-auction will start from July 8, 2021, at 11 am and will continue till 5 pm the same day.

The auctions for the lease of these plots are of importance for the Navi Mumbai real estate industry.

The more the plots, the more real estate construction shall take place thus meeting the growing demand and stabalizing the home prices.

The plots mostly fetches CIDCO way above the reserve prices, as shortage of lands leads to builders trying to outdo each other while bidding.

Also Read: CIDCO To Build 2000 Bed COVID Centre In Mumbai

The post 12 CIDCO Plots In Navi Mumbai Up For Grabs appeared first on Square Feat India.