Indiabulls Housing sells Rana Kapoor's South Delhi property for Rs 114 crore

Indiabulls Housing sells Rana Kapoor’s South Delhi property for Rs 114 crore

Indiabulls Housing Finance has sold a property that belonged to Yes Bank cofounder Rana Kapoor for Rs 114 crore to a Delhi-based real estate developer, three people aware of the development said.

The mortgage lender auctioned the property located on South Delhi’s Kautilya Marg in its efforts to recover nearly Rs 240 crore it had loaned to Bliss Villa, a company where Kapoor was the guarantor.

“Indiabulls had taken over the possession of the property in early January this year. The company had defaulted on three loans of Rs 83.43 crore, Rs 69.88 crore and Rs 86.56 crore following which the finance company decided to go for auction at a base price of Rs 114.32 crore,” said a person aware of the deal.

The property, which houses a building comprising ground plus two floors, is spread over 1,234 square yards and is surrounded by Lutyens properties and embassies.

“The property is located in a prime area and being in South Delhi is advantageous as the new owner can construct up to four floors and sell it independently. This was not possible in Lutyens’ Delhi,” said an executive with an international brokerage firm.

Indiabulls Housing did not respond to the email seeking comment till press time Monday.

Kapoor, who is accused of financial irregularities and money laundering, is currently lodged at Navi Mumbai’s Taloja Jail.

His daughter, Radha, did not respond to a text message seeking comment.

The Enforcement Directorate, which is probing the money-laundering case, had provisionally attached assets worth Rs 792 crore (current market value estimated at Rs 1,400 crore) belonging to Kapoor and related entities.

These assets include an independent residential building and several apartments in South Mumbai. In New Delhi, a bungalow on Amrita Shergill Marg that carries an estimated market value of Rs 685 crore has been attached by the ED.