Yes Bank is set to take over two land parcels totalling 6.4 acres held by real estate developer Sumer Group. The two land parcels are said to be worth Rs 6000 crore.
According to the Economic Times, Yes Bank is set to take control of real estate developer Sumer Group’s 50 percent share in two land parcels totalling 6.4 acres held by its joint venture company in Mumbai’s Santacruz locality for non-payment of dues worth more than Rs 479 crore. Sumer Group had entered into a joint venture with Radius Developers in 2016 to develop both the adjacent land parcels. While construction work on one of the land parcels is underway, work on the other land parcel has to commence.
Yes Bank in July had sent a demand notice to Sumer to repay its dues within 60 days. With its latest action, the bank will get control of the land, which is part of Sumer’s share in the joint entity. The 10 lakh sq ft project has six towers. According to information uploaded on the MahaRera website, Tower 1 has 20 flats (six-BHKs) with not a single unit sold. Tower (1B) has 84 flats of which only three have been booked. Tower (1C) has 63 flats of which 17 are shown booked.
