A Division Bench comprising Justices R.I. Chagla and Farhan P. Dubash dismissed Writ Petition No. 3929 of 2024 filed by M/s. Sunshine Builders and Developers (through its partner Mr. Shailesh Mehta) on Tuesday, February 4, 2026. The court refused to interfere with the Debts Recovery Appellate Tribunal’s (DRAT) order dated February 29, 2024, which directed the petitioner to deposit ₹125 crore (in three instalments) as a condition precedent for entertaining its appeal under Section 18(1) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act).

The dispute centres on a large parcel of land in Village Gundavali, Taluka Andheri (CTS Nos. 78 and 79, corresponding to Survey Nos. 91/2 and 4/3), admeasuring approximately 30,501.60 square metres along the Western Express Highway in Andheri East, Mumbai. The property, declared a slum under the Maharashtra Slum Areas (Improvement, Clearance and Redevelopment) Act, 1971, was originally earmarked for a slum rehabilitation scheme (SRA project). Sunshine Builders was appointed as the developer by the slum dwellers’ cooperative society.

In 2011, Sunshine Builders entered into co-development agreements with Gigaplex Developers Pvt. Ltd. (Respondent No. 3, now in liquidation), appointing Gigaplex as co-developer. Under these agreements (dated March 21, 2011; March 31, 2011; and later a third in December 2013), Sunshine Builders was entitled to a share of revenue or constructed area from the free-sale component. Powers of attorney were executed, allowing Gigaplex’s nominees to create encumbrances, though Sunshine Builders claims it never authorised mortgaging its share.

Gigaplex, however, executed two registered Deeds of Simple Mortgage (December 30, 2011, and March 12, 2013) in favour of HDFC Bank Ltd. (Respondent No. 1), mortgaging the property (excluding Sunshine’s alleged revenue share) along with another Bandra property owned by Kaveri Estate Pvt. Ltd. (Respondent No. 4) to secure loans extended to Gigaplex.

Following Gigaplex’s default, HDFC Bank issued notices under Section 13(2) of the SARFAESI Act in 2017, took symbolic possession, and later obtained physical possession via a Section 14 order in 2019. The bank auctioned the property, issuing a Sale Certificate on December 24, 2019, to Havemore Realty Pvt. Ltd. (Respondent No. 5, the auction purchaser) for ₹232 crore. Havemore later mortgaged it back to HDFC Bank and, on May 2, 2023, entered into a registered Development Agreement with Lodha Developers Ltd. (Respondent No. 6, represented in court).

Sunshine Builders challenged the bank’s actions by filing Securitisation Application No. 82 of 2019 before the Debts Recovery Tribunal (DRT), Mumbai, in September 2017 (initially challenging early measures). Upon learning of the 2019 sale (around February 2020), it sought to amend the application in January 2021 to implead Havemore Realty, add subsequent facts, challenge the sale, and seek condonation of delay.

The DRT dismissed both applications via a common order dated October 7, 2022, holding that the amendments were belated, unexplained, and would alter the nature of the lis, while noting Sunshine Builders’ delay despite knowledge and its parallel Commercial Suit No. 1003 of 2019 (still pending without interim relief).

Sunshine Builders appealed to DRAT, seeking waiver of the 50% pre-deposit under Section 18(1) SARFAESI Act, arguing it was not a “borrower” and the DRT order was merely procedural. DRAT rejected the waiver plea in February 2024, directing the ₹125 crore deposit.

The High Court, after detailed hearings (reserved on December 16, 2025), ruled that:

• Sunshine Builders qualifies as a “borrower” under Section 2(1)(f) SARFAESI Act, as it is a co-mortgagor in the registered mortgage deeds.
• The DRT’s common order was substantive — it effectively extinguished Sunshine Builders’ right to challenge the concluded auction sale post-limitation — not merely procedural.
• Section 18(1) mandates pre-deposit for “any order” under Section 17, including interlocutory ones, with no statutory exception for procedural refusals.
• Judicial precedents (e.g., Union Bank of India vs. Rajat Infrastructure, Raj Kumar Shivhare vs. ED) confirm the pre-deposit is absolute and non-waivable.
• Equities heavily favour third parties: Lodha Developers has spent over ₹80 crore on construction (four G+15 towers, 53% units sold, 8 rehab buildings completed and occupied by slum dwellers as of August 2025).

The court dismissed the petition with no costs, leaving Sunshine Builders to deposit ₹125 crore if it wishes to pursue the appeal on merits before DRAT.

This ruling underscores the strict pre-deposit regime under SARFAESI to deter delays in secured creditor recoveries, while protecting bona fide third-party rights in advanced redevelopment projects.

Also Read: Redevelopment Disputes Can’t Be Thrown Out Without Trial: Bombay High Court

The post Auction Done, Towers Rising: Court Rejects Builder’s Bid to Bypass ₹125 Crore Deposit appeared first on Square Feat India.

According to the registered sale deed accessed by SquareFeatIndia, the transaction was formalised on 9 September 2025. The document records Raheja Universal as the purchaser, while HDFC Bank Ltd. is shown as the seller.

Deal Value and Stamp Duty

The sale deed notes the consideration value of ₹211 crore for the transfer of the property. It also confirms the payment of ₹12.66 crore as stamp duty along with registration charges at the time of execution.

Property Details

Raheja Centre Point is a commercial building situated on C.S.T. Road, Kalina, Santacruz (East), Mumbai. The document describes the premises as comprising office spaces within the multi-storey complex. Publicly available property listings indicate a total built-up area in the range of 49,000–66,500 sq ft, spread across multiple floors including basements, upper levels, and terraces.

Counterparty and Background

With this transaction, Raheja Universal has regained ownership of a building that earlier served as part of its commercial portfolio. The sale deed accessed by SquareFeatIndia confirms the transfer of rights back from HDFC Bank Ltd. to the developer.

Market observers say Kalina’s proximity to the Bandra-Kurla Complex (BKC) has made it a sought-after commercial hub, drawing both investors and occupiers seeking cost-effective alternatives to BKC’s premium rentals.

Also Read: Raheja Universal Achieves Staggering ₹1,726 Crore Sales Milestone at Solaris, Navi Mumbai

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Leading banks including HDFC Bank, Canara Bank, and Bank of Baroda have swiftly responded by reducing their marginal cost of funds-based lending rates (MCLRs), passing on the benefits to borrowers. The rate cuts are expected to lower home loan EMIs, bringing relief to both prospective and existing borrowers under floating-rate loan schemes.

The State Bank of India (SBI), the country’s largest lender, also moved to ease borrowing costs, slashing its lending rates by 50 basis points. Effective June 15, SBI’s repo-linked lending rate (RLLR) now stands at 7.75%, while its external benchmark-based lending rate (EBLR) has dropped from 8.65% to 8.15%. However, other major public sector lenders such as Punjab National Bank (PNB) have opted to keep their lending rates unchanged for now, reflecting a more cautious approach.

The overall reduction in borrowing costs is being welcomed by industry leaders and analysts, who believe the move will rekindle buyer interest, especially in the affordable and mid-income housing segments.

Industry Welcomes Move

Prashant Sharma, President of NAREDCO Maharashtra, praised the development, saying, “The interest rate correction is a timely booster for the housing sector. Reduced EMIs will not only revive fence-sitters but also give impetus to end-user-driven demand. We expect this to translate into improved sales velocity, particularly in Tier-I cities like Mumbai and Pune.”

Echoing this sentiment, Nishant Deshmukh, Founder and Managing Partner of Sugee Group, said, “The reduction in lending rates offers much-needed and immediate relief to homebuyers, particularly those dependent on home loans to realise their dream of homeownership. Lower EMIs ease financial pressure and make property ownership more accessible. This positive shift will help restore buyer confidence and support long-term growth in the real estate sector.”

Shraddha Kedia-Agarwal, Director at Transcon Developers, added, “The revised rates will allow homebuyers — especially first-time buyers — to re-evaluate their budgets and invest in homes with better amenities and lifestyle offerings. For developers, this could catalyse fresh enquiries and faster conversions.”

Outlook for the Sector

With lending rates now trending downward and broader macroeconomic indicators showing signs of stability, the real estate sector appears poised for a more broad-based recovery. Market experts believe this shift could be the start of a sustained revival, balancing affordability with aspirational housing needs.

The RBI’s move, coupled with proactive rate revisions by banks, is expected to stimulate demand, boost market sentiment, and strengthen the foundation for long-term growth in India’s housing sector through 2025 and beyond.

Also Read: RBI RR Hike to Impact home sales

The post Home Loan EMIs to Fall as Banks Cut Lending Rates; Real Estate Sector Set for a Boost appeared first on Square Feat India.

This high-value acquisition places the Puri family among a growing list of elite residents investing in one of Mumbai’s most coveted residential addresses. Developed by the Lodha Group, World One is part of the ultra-luxury World Towersproject and is among the tallest residential towers in India.

A Prime Property in Mumbai’s Real Estate Landscape

The purchased unit spans a built-up area of 505.85 square meters (approximately 5,446.53 square feet) and includes rights to four car parking spaces. The transaction involved the payment of Rs. 2.22 crore in stamp duty and Rs. 30,000 in registration charges, as per the official documentation.

Lower Parel, a central Mumbai neighborhood, has transformed into a high-demand residential and commercial hub, thanks to its proximity to key business zones such as Bandra-Kurla Complex (BKC) and Nariman Point. It is also a popular choice among celebrities and high-net-worth individuals. Prominent personalities such as Abhishek Bachchan, Shahid Kapoor, Amish Tripathi, and Zaheer Khan have also acquired residences in this locality, reinforcing its premium appeal.

Aditya Puri: A Banking Legend

Aditya Puri is widely regarded as one of India’s most influential bankers, having helmed HDFC Bank for over two decades and played a pivotal role in shaping India’s private banking sector. Even post-retirement, his moves—financial or personal—draw significant public interest, reflecting his enduring stature in the corporate world.

Amrita Puri: Actress with a Distinctive Voice

Amrita Puri, the daughter of Aditya and Anita Puri, has carved her own space in the Indian entertainment industry. She earned acclaim for her roles in films like Aisha and Kai Po Che! and her performance in the web series Four More Shots Please!. Her nuanced portrayals have earned her a Filmfare nomination for Best Supporting Actress and recognition as a versatile talent in both cinema and OTT platforms.

This property purchase symbolizes a convergence of success from two vastly different worlds—finance and film—and represents the family’s continued legacy of excellence in their respective fields.

Luxury Living in the Sky

World One is known not only for its height and design but also for the amenities it offers—sky decks, infinity pools, private lounges, wellness centers, and views of the Arabian Sea and the Mumbai skyline. This acquisition by the Puri family is both a statement of taste and an astute real estate investment.

As Mumbai’s luxury housing segment continues to grow, such transactions underscore the enduring demand for top-tier properties in the city’s most prestigious addresses.

Also Read: Bollywood Singer Shaan Buys ₹10 Crore Bungalow in Pune

The post Banker Aditya Puri and Actress Daughter Amrita Puri Buy Rs. 37 Crore Luxury Apartment in Mumbai’s World One Tower appeared first on Square Feat India.

This strategic collaboration will add an additional 6.2 million square feet of new residential projects to the ongoing 14.8 million square feet with a combined GDV of INR 17,100 crores, which will be delivered over the next five to six years. Provident, a large-scale community developer, has so far completed 15.1 million square feet of projects across the country with a presence in nine cities, including Bengaluru, Hyderabad, Chennai, Goa, Kochi, Mumbai, and Pune.

This partnership with HDFC Capital will help strengthen Provident Housing Limited’s commitment to leveraging alliances to capitalise on emerging opportunities in the real estate sector. With this investment, the company is poised for expansion, focusing on innovation, quality, customer-centricity, and sustainable project development.

Commenting on this investment, Ashish Puravankara, Managing Director, Puravankara Limited, said, “We are delighted to partner with HDFC Capital – an entity with a longstanding history of excellence. This deal reinforces the confidence of our institutional investors in the company’s corporate governance and the way we conduct our business. We stay committed to developing international quality homes, delivered on time with trust and transparency.”

Vipul Roongta, Managing Director & CEO, HDFC Capital, said, “HDFC Capital is committed to long-term partnerships with marquee real estate leaders like Puravankara with an excellent track record of development and delivery. Through our partnership with Puravankara, we will focus on meeting the increasing demand for high-quality homes for mid-income households in India.”

Mallanna Sasalu, CEO, Provident Housing Limited, said, “This strategic alliance with HDFC Capital marks a pivotal moment in Provident’s journey towards growth and acquiring larger market share. With HDFC Capital’s support, we are well-positioned to accelerate the development of new residential projects across India while delivering exceptional value to our customers and driving long-term shareholder value.”

Kunal Wadhwani, Principal Investments, HDFC Capital, said, “Our collaboration with Puravankara, a leading pan-India developer, helps address the significant demand for high-quality homes at affordable prices and is in line with HDFC Capital’s strategy of catering to the largely unmet demand in the mid-income residential segment.”

Neeraj Gautam, Group President of Finance, highlighted the importance of this investment, stating, “This marks a significant evolution in our investment strategy, signalling the beginning of larger partnerships and transactions that align with the overarching vision for the Group.”

Also Read: Noida International Airport boosts real estate rates on Yamuna Expressway

The post Provident Housing Secures Rs 1,150 Crore Investment from HDFC Capital appeared first on Square Feat India.

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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