Lenders may revaluation mortgaged assets of to Zoom Developers
Feb 05, 2014
Source : The Economic Times

 

KOLKATA: Lenders to Mumbai-based Zoom Developers may go for a revaluation of the mortgaged assets that were put on the block since they failed to sell them to recover part of the Rs 3,000-crore outstanding loans.

A consortium of 25 lenders, led by Punjab National BankBSE -0.91 % (PNB), had put seven assets of the project development and information technology company on sale thrice without any success. United Bank of IndiaBSE -0.87 % had issued a sale notice on behalf of the lenders, but there were no buyers. The last notice was issued on November 18, 2013, and the last date of receiving the tender was December 19.

"It seems no one's willing to pay the reserve price," said a senior banker involved in the process. "We may need to engage a value afresh to do a valuation again and lower the reserve price of the assets on the block," he said requesting anonymity.

Total reserve price for the seven properties was fixed at Rs 72.88 crore, which is just about 2.4% of the outstanding dues. It perhaps suggests that banks had lent to Zoom without physical security to cover the risk.

A section of the lenders has suggested that a revision of the valuation of the properties will probably get buyers, but a final decision will be taken only at the next lenders' meet. Lenders are also free to sell the mortgaged properties in private deals but they need to obtain consent from the borrower if they fail to sell them at a price higher than the quoted reserve price as stipulated under the Securitisation and Reconstruction of Financial Assets & Enforcement of Security Interest (SARFAESI ) Act-2002.

The government allows private treaties after one sale notice. Among the seven properties put up for sale, two are at Mumbai's Andheri area with a cumulative reserve price of Rs 33.2 crore and the other five are in Indore where the firm is registered. Bankers said they have managed to sell just one of its property for Rs 1.7 crore outside this list.

UBI had taken symbolic possession of the mortgaged properties since Zoom's promoters Vijay Choudhary and BL Kejriwal and its guarantors failed to repay the loan. Total dues of the secured lenders are Rs 3,002 crore, plus interest and other expenses to be accrued since September 2011, until banks recover all their dues.

Latest Realty News

Housing starts slow down in Chennai, Bangalore & Kolkata
Feb 05, 2014
KOLKATA: Housing starts in large cities such as Kolkata, Chennai and Bangalore have slowed down, according to the Housing Start-Up Index, a new indicator of housing construction, released by the Reserve Bank of India and the Ministry of Housing and Urban Poverty Alleviation (MHUPA) on Monday. However, in cities such as Ahmedabad, Bhopal and Hubli, housing starts have increased.
'Teen Patti', drawing on real estate card game
Jan 29, 2014
KOLKATA: In a change of the theme of the Bollywood caper, which had featured the Big B and Ben Kingsley, the Bengali Teen Patti is quintessentially Kolkatan, as a crimer thriller starring the new Tolly heartthrob Ritwik and Puja Bose.
Govt tweaks rule to help co-op flat owners
Jan 28, 2014
KOLKATA: This may bring cheer to people like Sushil Das who own yet-to-be-registered flats in cooperative housing societies. The housing society where Das lives in Rajarhat set up 10 flats in 2006 measuring 1,000 sq ft each. The cost of each unit was only Rs 10 lakh then. But with the flat's current valuation shooting above Rs 30 lakh, Das, who is retired man, could not afford to pay the sky-high registration fee. But thanks to the Mamata Banerjee government's tweak in registration rules, now Da
Valuation of built-up space for houses & offices corrected in Salt Lake area of West Bengal
Jan 26, 2014
KOLKATA: The finance department of the West Bengal government has corrected the valuation of built-up space in certain localities of the city and its periphery for residential sector as well as for offices in Sector V of Salt Lake.
CREDAI welcomes rationalisation of property valuations
Jan 25, 2014
KOLKATA: The Confederation of Real Estate Developers' Associations of India (CREDAI) today welcomed the West Bengal government's move to rationalise property valuations.
Govt plans to merge three key agencies
Jan 23, 2014
KOLKATA: The state government has been merging several agencies for better administration. Last year, the KMDA's land acquisition cell was merged with the marketing management section of the authority. Officials said it was nothing but an administrative procedure for better functioning of land acquisition-related matters.
Rule to stop New Town vertical growth
Jan 15, 2014
KOLKATA: Have you been saving up to buy an apartment at a highrise on the north eastern fringes of the city at a lower price? Hold on. You might have to go slow on your plans. With new regulations from the Housing Infrastructure Development Corporation (Hidco) going to be in place very soon, the development of highrises in the fringe areas outside New Town jurisdiction in Rajarhat will come under a strong scanner, making it 'nearly impossible' for the realtors to comply with.
Apollo Hospitals plans Rs 2500-cr capex during 2015-18
Jan 13, 2014
KOLKATA: Apollo Hospitals Group is planning to invest around Rs 2,500 crore during the 2015-18 period.
Housing finance firms account for 2/5th of home loan market
Jan 08, 2014
KOLKATA: Housing finance companies account for almost two-fifths of the retail home loan market in the country. The home loan portfolios of mortgage lenders have also grown at a faster pace than that of scheduled commercial banks in the last few years.
Westin Hotels to enter Kolkata by 2015
Jan 04, 2014
KOLKATA: Kolkata will have its first Westin property, a brand from US hospitality conglomerate Starwood Hotels & Resorts Worldwide, by mid 2015.

Latest Realty News Of State

Realty Talk's