The restitution follows an order dated December 12, 2025, passed by the Recovery Officer, Debts Recovery Tribunal-I (DRT), Chennai, which directed the release of funds realised from the sale of shares that were earlier attached and later restituted to State Bank of India (SBI) by the ED. The amount will now be transferred to the Official Liquidator for distribution among former Kingfisher Airlines employees.

ED Investigation and Asset Attachment

The ED initiated its investigation based on multiple FIRs registered by the Central Bureau of Investigation (CBI) against Kingfisher Airlines, its promoter Vijay Mallya, and associated entities for offences including bank fraud and criminal conspiracy, which are scheduled offences under the PMLA.

The probe revealed large-scale diversion and siphoning of loan funds, leading to the attachment of several movable and immovable properties belonging to Kingfisher Airlines, Vijay Mallya, United Breweries Holdings Ltd., and related entities. Vijay Mallya was subsequently declared a Fugitive Economic Offender on January 5, 2019, under the Fugitive Economic Offenders Act, 2018.

₹14,132 Crore Assets Already Restituted to SBI

According to the ED, assets worth ₹14,132 crore have already been restituted to SBI under Section 8(8) of the PMLA, forming the asset pool from which the present restitution to employees has been made possible.

In a rare move, SBI agreed to accord priority to workmen dues over its own secured creditor claims. Acting upon ED’s facilitation, SBI filed Interlocutory Application No. 01 of 2025 before the DRT, offering the restituted assets for settlement of employee dues. This led to the DRT directing the Official Liquidator to disburse ₹311.67 crore to former employees of Kingfisher Airlines.

Focus on Victim-Centric Recovery

The ED stated that it proactively coordinated with all stakeholders, including senior officials of SBI, to ensure that the long-pending claims of employees were settled. The restitution, the agency said, underscores its commitment not only to depriving economic offenders of proceeds of crime, but also to restoring such proceeds to rightful stakeholders, especially affected workers.

For thousands of former Kingfisher Airlines employees who had been awaiting salary and statutory dues for over a decade, the development marks a long-overdue financial and moral victory.

Also Read: Kingfisher House in Mumbai Sold for Rs 52.25 Crore

The post Kingfisher Airlines Employees to Receive ₹311.67 Crore as ED Facilitates Long-Pending Dues appeared first on Square Feat India.

FRAUD ORIGINATED FROM ₹700 CRORE BANK SCAM

The action stems from FIRs filed by the CBI’s Banking Securities & Fraud Cell (BS&FC) alleging that Varron Aluminium and its group entities defrauded:

• Bank of India: ₹293.74 crore
• State Bank of India: ₹401.25 crore

As per the CBI chargesheet, a manual Letter of Credit (LC) of ₹300 crore was issued by Canara Bank in favour of group company VACPL, which Bank of India discounted without proper verification.

ED FINDINGS: CYCLICAL LCs AND SHELL ENTITIES

ED’s investigation revealed that:

• Payments for earlier LCs were repeatedly made by opening new LCs in favour of VAPL, VIPL, and related shell companies.
• The cycle was used to repay old loans, reduce cash credit exposure, and inflate the books of group companies.

During the probe, ED identified proceeds of crime and attached immovable properties worth ₹179.27 crore through two separate orders.

SECTION 8(8) OF PMLA: BASIS FOR RESTITUTION

The agency said the restitution aligns with Section 8(8) of PMLA, which permits restoration of attached or confiscated properties to victims or legitimate claimants when properties—though tied to illicit activity—legally belong to innocent parties.

ED added that it continues to encourage banks and financial institutions to seek restoration of claims using this provision.

SBI’S CLAIM AND COURT ORDER

SBI filed a miscellaneous application before the Special Court (PMLA), Mumbai, seeking restoration of three attached properties valued at ₹55.85 crore (valuation year 2021).

During proceedings, ED submitted an affidavit confirming its willingness to restitute the properties to SBI.

On 26 September 2025, the Special Court allowed the application and ordered the restoration of all three immovable assets to SBI.

Also Read: Big action against errant developers, ₹101 crore recovered

The post ED Clears Restitution of ₹55.85 Crore Attached Properties to SBI in Varron Aluminium Case appeared first on Square Feat India.

The tender, issued by the bank’s Premises & Estate Department, Local Head Office – Mumbai Metro, specifies the requirement for flats located across four key suburban railway corridors, with 50 flats needed in each corridor.

Location-Wise Requirement

Key Tender Details

• Number of flats required: 200 (2BHK units)
• Carpet area: Approx. 600 sq ft as per RERA norms, with ±10% variation allowed
• Eligible participants: Reputed builders/developers, POA holders, or authorized representatives
• Tender issue period: October 7, 2025 – November 6, 2025
• Last date for online submission: November 6, 2025, 3:00 PM
• Mode: Online through SBI e-tender portal
• Note: Offers beyond the listed corridors will not be considered. No brokers are allowed.

Why This Matters

SBI’s move to buy residential units in bulk is significant for Mumbai’s suburban housing market, especially in mid-income corridors such as Thane–Kalyan and Kharghar–Panvel. Bulk purchases by large institutions can provide liquidity and absorption support to developers, particularly in a period when launch volumes are steady but sales velocity is moderating.

For developers, the tender represents an opportunity to offload inventory in bulk and secure assured payments from a credible buyer. For the market, such institutional purchases can help set benchmark pricing in the mid-segment category.

What It Means for Homebuyers

While the tender is not for individual retail buyers, such bulk acquisitions indicate:

• Institutional confidence in mid-income housing segments.
• Possible tightening of supply in certain suburban pockets, which could firm up prices.
• Increased developer focus on 2BHK mid-sized units (around 600 sq ft) to meet both institutional and retail demand.
• Potential for better infrastructure and community development if large anchor buyers like SBI enter projects.

Next Steps

Interested parties can download the tender document from SBI’s website and submit their offers online. The bank reserves the right to alter the number of flats based on its requirements.

Also Read: SBICAP Ventures backed SWAMIH Investment Fund-I Raises over INR 15,000 Crores at its final close

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The Fund is sponsored by the Ministry of Finance, Government of India and is managed by SBICAP Ventures Ltd., a State Bank Group company. SBI is also one of the anchor investors of the Fund along with Life Insurance Corporation of India (LIC). Other investors include HDFC Ltd and major nationalised banks.

The Fund had received a commitment of INR 10,037.5cr in its first close, three years ago on December 06, 2019, where the Government of India had committed a fund infusion of up to INR 5,000cr. As on date, the Fund is appraising 286 projects across 30+ cities in India which would help complete over one lakh homes. The additional commitment will enable the Fund to continue to evaluate deals till December 2024.

Since its launch, the Fund has scaled up its investment team to 33 professionals and evaluated more than 1000+ deals across India.

Suresh Kozhikote, MD & CEO at SBICAP Ventures Ltd stated, “The State Bank Group will continue to provide all execution capabilities required to fully implement this strategic Government of India initiative. We take pride in being able to consistently achieve new landmarks in our journey of providing relief to homebuyers and in the process contribute towards boosting investments in the Real Estate sector with thorough transparency and efficiency. The increased commitment from the Government of India is a statement of confidence in the execution abilities of SBICAP Ventures Ltd. as the investment manager and the entire team at SWAMIH Investment Fund I.”

On this key milestone, Irfan A. Kazi, Chief Investment Officer, SWAMIH Investment Fund, shared, “This round of capital infusion marks as a big step in our journey to provide a much needed boost to the country’s real estate industry.We at SWAMIH Investment Fund I continue to closely monitor all construction spend to ensure that the capital is utilised only for completion of the project. The Fund has already achieved construction completion of 19,500 homes and is on track to deliver about 20,000 homes every year for the next 3 years.” 

At the Final closing held in New Delhi on December 6, the Fund documents were signed by Shri Pradeep Purohit, Deputy Secretary, Department of Economic Affairs, Ministry of Finance on behalf of Government of India and Shri Kozhikote.

Also Read: SWAMIH invests Rs 150 crore in Chembur project

The post SBICAP Ventures backed SWAMIH Investment Fund-I Raises over INR 15,000 Crores at its final close appeared first on Square Feat India.

By Varun Singh

Mumbai and Slum redevelopment have a deep connection. It was a dream of many politicians to redevelop the slums of Mumbai and transform it into an international city. 
However, not most of these politicians could fulfill this dream, as many developers came forward to redevelop a slum, but would leave it midway.

Many financial institutions also got into financing several developers to redevelop these projects. But yet most of these projects got stuck. 

Now, SRA has come out with an amnesty scheme where it is allowing Financial institutions to carry out the redevelopment.

The scheme notice issued on May 31, is signed by the Chief Executive Officer of the Slum Rehabilitation Authority (SRA). 

The notice reads, “Whereas there are several Slum Rehabilitation Schemes stalled in Mumbai and Suburban Areas for several years and there is no progress at all. The State Government has time to time taken various decisions and granted concessions in order to motivate the Developers and Societies to take necessary steps for completion of these schemes. The demonetization, Covid-pandemic and overall slowdown of economy is one of the major factors/reason for such delay in implementation of schemes. Another major reason is non-availability of sufficient funds with the developers. The Government has considered all these aspects and taken the following decision.

AMNESTY SCHEME

It is noticed by Government that several financial institutions have granted finance to SlumRehabilitation Schemes and inspite of finance the concerned Developers have failed to complete the rehab component in the schemes and also failed to pay the transit rent to eligibleslum dwellers. Due to failure of Developers there is no progress in Slum Rehabilitation Schemes and the financial institutions are also sustaining huge losses. These Financial Institutions are not on record of Slum Rehabilitation Authority and due to it the Slum Rehabilitation Authority is not in position to allow such financial institutions to complete the Slum Rehabilitation Schemes though they are willing to complete the same. So considering the interest of slum dwellers at large in such Slum Rehabilitation Schemes as well as the financial institutions having recognition/approval of RBI, SEBI, NHB will be allowed to come forward for completion of schemes to which they have granted finance. The name of such financial institutions shall be entered in the Letter of Intent (LOl) of such a scheme as Co-developer/lender.

The applicable conditions to the schemes are mentioned in Government Resolution of HousingDepartment dated 25.05.2022 bearing No. -029/..934/ and the same is available on official website of Slum Rehabilitation Authority https://www.sra.aov.in/. 

Interested financial institutions are requested to submit their expression of interest to the Slum Rehabilitation Authority within a period of 45 days excluding the holidays i.e. from 07.06.2022 to 21.07.2022. Any proposal/expression of interest received thereafter shall not be entertained.

Also Read: Slum Dwellers not cooperating in Redevelopment will be removed by this Govt Body

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By Varun Singh

Amitabh Bachchan and his son Abhishek Bachchan have rented the ground floor of one of their Juhu Bungalow.

The rental deal has been signed between the actors and SBI.

The rent that Amitabh & Abhishek will be getting from this rental deal is Rs 18.9 lakh per month for the first five years

According to documents provided to Squarefeatindia by Zapkey.com the rent for the next five years will be Rs 23.62 lakh and for the last five years it will be Rs 29.53 lakh.

Security deposit of Rs 2.26 crore has been paid for the rental deal.

The property rented by Amitabh & Abhishek is the ground floor of Vatsa, Ammu Bungalow, JVPD Scheme, Juhu.

The property measures 3,150 sq ft and is located next to the iconic Jalsa Bungalow belonging to Amitabh Bachchan.

The agreement was registered on September 28, 2021.

Amitabh Bachchan had recently bought a duplex in Oshiwara area of Andheri for Rs 31 crore.

Also Read: Amitabh Bachchan Buys Duplex For Rs 31 Crore

His neighbour in the same building is actor Sunny Leone.

Also Read: Sunny Leone Buys Andheri Flat For Rs 16 Crore

Meanwhile, Abhishek Bachchan sold his Worli flat recently for Rs 45.75 crore.

Also Read: Abhishek Bachchan sells Worli Flat for Rs 45.75 crore

The post Amitabh Bachchan To Earn Rs 18.9 lac Per Month Rent From Juhu Property appeared first on Square Feat India.

By Varun Singh

Several banks like the State Bank of India (SBI), Kotak Mahindra, Bank of Baroda (BoB) and Punjab National Bank (PNB) are offering loans at record low-interest rates to cash in the spending rush ahead of the festive season.

State Bank of India (SBI) will charge home loan borrowers an interest of 6.7% based on their credit score, irrespective of the loan amount. The offers are available to all segments of borrowers irrespective of the profession of the borrower. The 6.70% home loan offer is also applicable to balance transfer cases.

Kotak Mahindra Bank has reduced its home loan interest rates by 15 basis points (bps) from 6.65% to 6.50% p.a. This special rate of 6.50% p.a. is a limited period festive season offer beginning 10th September and ending 8th November 2021.

Bank of Baroda (BoB) is offering a waiver of @0.25% in the existing applicable rates for home and car loans. In addition to that, the bank is also offering a waiver of processing fees in home loans. Now, home loan rates will start at 6.75% and car loan rates start at 7.00%.

Punjab National Bank (PNB) too has slashed the repo-based lending rate by 25 basis points (bps) to 6.55%.

HDFC too, announced a festive offer with home loans starting from 6.70 per cent. This offer will be applicable to all new loan applications irrespective of the loan amount or employment category. The special festive offer at 6.70 per cent is for all loan slabs and for all customers with credit score of 800 and above.

Real estate experts feel that these interest rate cuts could be a major factor in boosting the home sales this festive season.

Vedanshu Kedia, Director, Prescon Group said, “It is an encouraging move by the leading banks to slash interest rates especially during the onset of the festive season. Even now, a low-interest rate by reputable banks is bound to catapult unimaginable economic growth in the country as a result of enhanced consumption. The initiative will surely make homeownership affordable and viable for the fence-sitters who can now plunge on the best opportunity to buy their dream home.”

Cherag Ramakrishnan, Managing Director CR Realty said, “Considering the auspicious festive season ahead, the timing of the reduction in interest rates by leading banks couldn’t have been better. The real estate market has seen decent sales this year and this reduction in interest rates would further help to keep up the sales momentum.”

Bhushan Nemlekar, Director, Sumit Woods Limited said“The reduction in home loan rates by leading banks is going to help the demand side immensely. The real estate sector has benefited immensely from the record low home loan rates. Currently, the all-time low, sub-7% interest rates are encouraging consumers to proceed with their purchase and quickly close their transactions. Low interest rates also help enhance eligibility for home buyers thereby bringing more customers into the marketplace.”

Pritam Chivukula – Co-Founder & Director, Tridhaatu Realty and Hon. Secretary, CREDAI-MCHI said, “The reduction in home loan interest rates by leading banks for a limited period have extended the best buying opportunity for the homebuyers. The banks are competing to grab the home loan customers before the fiscal year ends. Currently, the home loan rates are at an historic 15 year low, as banks compete in a market with low credit demand. The benign interest rates environment will continue for some time and it is unlikely that interest rates will fall further from the current levels. For the next few days, the buyers can swoop in on good deals on the back of rock-bottom interest rates on home loans along with festive offers from good developers on the eve of expected price rise. We can already see that the demand for residential properties has picked up now as people are beginning to believe that this is the best time to buy a property.”

Ashok Mohanani – President, NAREDCO Maharashtra said, “There is already a growing desire of owning a home as consumers look at it as a necessity in this unprecedented time of the COVID-19 pandemic. With the onset of the festive season, there is a stiff competition amongst the financial institutions to provide the consumers with the best home loan interest rates. This is the best time to buy a home as it gives the aspiring homebuyers a lifetime opportunity to purchase their dream home with various festive offers as well as all-time low interest rates. These factors are also proving to help spur the real estate demand that was temporarily hit last year as a result of the pandemic.”

Jayesh Rathod, Executive Director, The Guardians Real Estate Advisory said, “The move to reduce interest rates by few banks is encouraging and will create competitive housing finance options for the home buyers and eventually pave path for robust housing demand. We have been maintaining since long that banks need to pass on the benefits of the reduced repo rates to consumers and we are happy to see the same happen now. The low interest rate regime is going to be a game-changer for the whole real estate sector especially at a time when the economy is on a recovery trail. It will also augur well for ready-to-move-in homes and the affordable housing segment. Both of these categories will benefit immensely from the reduced rates. From the consumer perspective, this is going to be the last call to take advantage of the bank offers as a difference of even a half percentage on the interest rate on a housing loan can save lakhs of rupees of the prospective buyers.”

Also Read: Homebuyers Prefer This Period For Home Loans

The post Home Loan Interest Cut, Will It Benefit Homebuyers? appeared first on Square Feat India.

By Varun Singh

Once a brand to reckon with Vijay Mallya ended up fleeing India. With unpaid loans worth several of crores banks declared several assets as Non Performing Assets (NPA).

One such property was located in Mumbai, which was the Kingfisher House.

Finally, the Debt Recovery Tribunal (DRT) managed to auction the Kingfisher House. It was sold for Rs 52.25 crore.

The possession of the property measuring 2401.70 square meters was taken by bank in February 2015.

There were several attempts made by the authorities and the banks to sell off the property, but most attempts failed.

Finally on July 29, the documentation was carried out regarding the sale.

On July 30, the certificate of sale was registered worth Rs 52.25 crore, between DRT and Saturn Realtors Private Limited.

According to documents made available by Propstack, stamp duty of Rs 2.61 crore was paid for the registration of the sale certificate.

Kingfisher House comprises of a basement, a lower ground floor, ground floor and an upper floor measuring 1586.24 square meters built up.

In May 2017 the reserve price for the same Kingfisher House was Rs 93.5 crore, before the original asking price before 2017 was Rs 150 crore. In November 2017 the reserve price was brought down to Rs 82 crore.

Finally one of the property that the banks and the DRT was trying to get rid of for years has found a taker.

Also Read: Nawab Malik’s son Buys Rs 9.95 Crore Flat in Bandra says flooding in Kurla reason for Shift

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By Varun Singh

NPA (Non Performing Assets), are rising. The figures if compared of only top 10 banks then it has grown four folds between 2003-14 to 2014-18.

The figures available from an RTI filed by Prafful Sarda, a civic rights activist, are huge and disappointing. He had filed the RTI with RBI.

Sarda now has decided to file a Public Interest Litigation (PIL) against the former Finance Ministers, RBI governors, current FM and even current governors.

According to the RTI figures, between 2003-04-2013-14, top 10 banks had an NPA figure of Rs 2.44 lakh crore.

The same figure between 20014-15 till December 2018 has grown to Rs 7.33 lakh crore.

Here are the figures, from 2003 to 2014 of top 10 NPA banks (all in crore) (Source: RBI)
1) SBI – RS.197750
2) ICICI – RS. 75848
3) PNB – Rs. 50537
4) Central Bank of India – Rs. 36218
5) Bank of India – RS. 36612
6) bank of Baroda : RS.30133
7) Union Bank of India Rs.29801
8) UCO bank RS.24433
9) Indian overseas RS. 23288
10) canara bank Rs.27227

From 2014-15 till 31 Dec 2018 (all in crore) (Source: RBI)
1) SBI – RS. 609431
2) PNB – RS. 310949
3) bank of India – RS. 218198
4) Bank of Baroda – RS 185855
5) IDBI – RS.174790
6) canara bank – Rs.167408
7) Union Bank of India – RS. 170366
8) Indian overseas bank – RS. 151538
9) Central Bank of India – RS. 146809
10) ICICI bank RS. 139663

The figures are self explanatory on the rise in the NPAs in the country. What happens when NPAs rise, we have enough case studies in front of us, including that of Vijay Mallya, Nirav Modi, Mehul Choksi and others.

Sarda says, “RBI has given a free hand to all the banks to frame their loan policies leading huge rise in NPA during UPA and NDA regime. Ultimately it’s common man who is paying the cost for this.”

He further added, “Soon I shall be filing PIL against former finance minister, RBI governer and current FM and RBI governer for not keeping strict eyes on rising NPA numbers year after years.”

Also Read: Nirav Modi’x luxury car, watches on auction

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By Varun Singh

Now India’s leading bank State Bank of India (SBI) shall be safeguarding home buyers financially. The bank has come up with a scheme named Residential Builder Finance with Buyer Guarantee (RBBG). Where the bank shall guarantee safeguards for completion of projects to customers availing SBI Home Loans. Housing experts says the underlying provision of this scheme is that the bank commits to refund the principal loan amount if a developer fails to complete the project.

Home buyers will be able to secure their investment in the ongoing home projects financed by the bank itself. RBBG will focus on affordable housing segment with home price of upto Rs. 2.50 crores in seven Indian geographies initially. Under this product, all reputed builders fulfilling the prescribed criteria by the bank can avail loan between Rs. 50 crores to Rs. 400 crores. Criteria includes Star rating and CIBIL score.

Rajnish Kumar, Chairman, SBI said, “We believe that RBBG will build confidence among home buyers by securing their hard-earned money and at the same time will boost under-stress real estate sector. This product is yet another effort by SBI to make affordable housing conveniently accessible to the individuals with dreams of owning their desired home. Based on the response from both builders and customers, we may consider extending this product to other parts of the country.”

Realty experts have hailed this scheme.

Anuj Puri, Chairman – ANAROCK Property Consultants says, “SBI’s scheme is an extremely good move and positive for the residential real estate sector as a whole. It will certainly help attract homebuyers. The underlying provision of this scheme – that the bank commits to refund the principal loan amount if a developer fails to complete the project – will ensure that SBI remains highly selective in its approach and work only with the most reliable and trustworthy developers.

To mitigate the risk of having to issue refunds, it will also keep a regular check on the progress of the project and see to it that it is completed on time. This will eventually give major assurance to all homebuyers who will opt for loans under this scheme from the SBI, and help in boosting their confidence. The unique scheme has all the hallmarks of becoming a major success.

“The scheme can be availed for projects where the maximum home price is up to INR 2.5 crore, and this will ensure that a large number of projects across all budget segments will get covered under it,” says Puri.

Developers Happy Too

State Bank of India (SBI) has already entered into Memorandum of Understanding with Sunteck Realty Limited (SRL) under the Bank’s “Sapna Aapka – Bharosa SBI Ka” scheme with Bank Guarantee to Home Buyers under the Builder Finance scheme.

Kamal Khetan, CMD, Sunteck Realty Ltd. said, “We are humbled to be the first partner of the biggest bank of India. This is an endorsement of our strong brand and product offerings, our track record of timely delivery, our pristine balance sheet and adherence to compliance. This MoU is a win-win for our customers who would get the best value proposition for the best quality homes.”

Launched with a tag line “Sapna Aapka Bharosa SBI Ka”, Residential Builder Finance with Buyer Guarantee will offer home buyers to choose their dream home from SBI approved projects in 10 cities with complete trust and transparency.

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