Mumbai: Re-auction of Palais Royale to be held by Indiabulls on June 24, reserve price slashed by Rs 778 crore

Known as Mumbai's tallest residential project, the Palais Royale at Lower Parel, will go through auction again after failing to attract any bidders in its first attempt.

According to DNA, in its first attempt, the reserve price was set at Rs 746 crore. Lender Indiabulls Housing Finance Limited has brought down the starting price to Rs 667.92 crore. The auction will be held on June 24. The Indiabulls through this auction is trying to recover Rs 915 crore which it had lent to developer Shree Ram Urban Infrastructure Limited. The developer Shree Ram Urban Infrastructure Limited ran into financial trouble and after which it abandoned the construction of the Palais Royale. The developer abandoned the project after raising nearly 70 floors and 162 flats. Indiabulls has sent out a notice for e-auction of the entire property barring 142 flats that have already been sold.

The successful bidder will have to deposit 25 percent of the sale price within two days of being selected, as per the auction notice. And the remaining money shall be paid in 15 days from the date of acceptance of the tender. In the meanwhile, Indiabulls will also hold e-auction for flat number 21 and 65 in the same building. The reserve price for these flats has been fixed at Rs 10.73 crore and Rs 22.35 crore respectively.

Palais Royale, designed by architects Talathy and Panthaky, in association with foreign consultants Lehr Associates, New York and RWDI, Canada, among others, was developed by Shree Ram Urban Infrastructure Limited (SRUIL).

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