LIC Housing Finance blocks Orbit Corp’s Mumbai project

LIC Housing Finance has blocked realty developer Orbit Corporation's premium residential project in Mumbai to recover its dues.

The lender had taken possession of the property following the developer defaulting on loans worth Rs 96 crore out of total due of Rs 250 crore, reported the Economic Times.

LIC Housing Finance will auction a property belonging to Orbit Corporation, one of the leading real estate developers in Mumbai, for default of loans.

It has invited bids under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFESI) Act and has kept a reserve price of Rs 125 crore for the 9,083 sq metre or over 90,000 sq ft property.

Bidders can send bids by July 30.

LIC Housing Finance had marked about 26,000 sq ft at Orbit's Lower Parel project Orbit Grand, 1.70 lakh sq ft at project Orbit Residency Park in Andheri and 45,600 sq ft space at Orbit Midtown at Lower Parel for its dues.
(Image: Indiatimes)