JM Financial, Suraksha ARC acquire Rs 2000 crore Unitech loan; to take control of 23 realty projects
New Delhi: JM Monetary and Suraksha Asset Reconstruction Firm have acquired about Rs 2,000 crore loans prolonged by HDFC, HDFC Financial institution and ICICI Financial institution to crisis-hit realty agency Unitech, in addition to will infuse funds to restart building on 23 stalled initiatives, sources mentioned.
The Gurugram-based developer had 74 pending actual property initiatives, comprising 16,500 housing models, in August 2017, when its two managing administrators Sanjay Chandra and Ajay Chandra have been arrested. Within the final two years, the corporate has accomplished about 22 initiatives comprising 4,000 models, whereas 52 initiatives are nonetheless incomplete.
In keeping with sources, Unitech’s loans price Rs 2,000 crore have been transferred to JM Monetary and Suraksha Asset Reconstruction Firm (Suraksha ARC) primarily from HDFC, HDFC Financial institution and ICICI Financial institution.
After taking on dangerous loans, as many as 23 initiatives, comprising 5,250 models will change into a part of JM Monetary and Suraksha ARC’s portfoilios. To finish these initiatives, they’ll infuse some preliminary quantity to kickstart building work, sources mentioned.
Unitech spokesperson declined to touch upon the event.
Out of 23 pending initiatives, as many as 16 initiatives, comprising almost 4,600 models, can be dealt with by JM Monetary; whereas Suraksha ARC would take management of seven initiatives which have 650 models, sources mentioned.
It might require an funding of Rs 1,900 crore to finish the pending works in these 23 initiatives, sources mentioned. Nonetheless, these initiatives even have Rs 1,700 crore as stability receivables from clients from offered models and unsold models estimated at Rs 2,100 crore.
Chandra brothers have been arrested after some homebuyers dragged the corporate and its administrators to court docket for non-delivery of their flats and sought refund.
A bail utility was filed earlier than the Supreme Courtroom, however the apex court docket had directed Unitech to first deposit Rs 750 crore within the registry. The realty agency has thus far deposited about Rs 480 crore.
Unitech can be left with 29 initiatives, comprising round 7,250 models, for execution after switch of 23 initiatives to JM Monetary and Suraksha ARC portfolios.
The developer plans to finish 9 initiatives by utilising a part of the funds that it has deposited within the SC registry, whereas the corporate is in talks with completely different ARCs for executing the remaining 20 initiatives, sources mentioned.
To safe bail of its two administrators, Unitech is in strategy of monetising its land financial institution to lift funds and deposit the identical with the registry, they added.
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