Mumbai: Adani's real estate arm gets NCLT nod to complete Ten BKC, homeowners rejoice

Mumbai: Adani's real estate arm gets NCLT nod to complete Ten BKC, homeowners rejoice

Adani entered the resolution process with its Bandra-based partner MIG Realtors.

FPJ Web DeskUpdated: Thursday, January 19, 2023, 05:06 PM IST
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The Adani Group has become one of India's top conglomerates dabbling in almost everything from ports to airports, defence manufacturing, power generation and also media. The acquisition of NDTV kept Adani in the news, but its realty estate arm was negotiating a merger with Mumbai's DB Realty, whose promoter Shahid Balwa had been acquitted in the 2G scam. Now NCLT clearance for Adani's latest takeover of Radius Developers has cleared the way for premium home project Ten BKC be completed.

Adani to the rescue

The decision comes as a good news for homebuyers in Mumbai, who'll finally be able to move into Ten BKC by 2024. The plan approved by NCLT was submitted by Adani Goodhomes for the project that started in 2015. Due to financial difficulties, the work on the project was halted in 2020, but the society ended its agreement with the developer so that homes could be delivered.

Homeowners celebrate relief

About 400 homeowners were left in the dark about the completion of the project, as the matter was taken to the NCLT by Radius' creditors. While any developer taking over would need to invest Rs 1000 crore in completing Ten BKC, the homebuyers were under pressure due to mortgagte loans. Finally Adani Goodhomes stepped in along with its Bandra-based partner MIG Realtors. Its resolution plan also provided relief to homeowners, since no additional consideration was charged from them.Adani Goodhomes submitted a resolution plan to complete the project without charging any additional consideration to the homeowners.

More than 80 per cent creditors cleared Adani's resolution plan in December 2021, and it injected fresh funds to immediately resume construction. Adani Goodhomes also gave up claims to over Rs. 200 Cr of assets, over and above claims of Rs. 800 Cr from Radius.

Ten BKC is one of the largest residential complexes, spread over five acres, in the the upscale part of Mumbai.

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