Mumbai: In a major crackdown against the HDIL group, the Enforcement Directorate has seized massive tracts of land belonging to the scandal-hit Wadhawan enterprise in the far western suburbs.
Sources said the estimated market value of the land parcels, totalling 2,100 acres, is around Rs 3,500 crore. The tracts are scattered around Vasai-Virar and Palghar, where the Wadhawans had originally planned to build residential townships.
"While the land parcels in Vasai-Virar area are located near six villages, the Palghar land parcel is adjacent to the Mumbai-Ahmedabad highway," sources said, adding that each of the parcels admeasure 400-500 acres, which is ideal for construction of mass housing projects. The records of the land were obtained during searches at HDIL and at the residences of father-son duo -- Rakesh and Sarang Wadhawan.
A scrutiny of the documents has revealed that around 1,000 acres, with valid title records, had been pledged to various banks, including the Punjab and Maharashtra Co-operative (PMC) bank, to obtain around Rs 800 crores. "The title of the other 1,100 acres is being ascertained," sources said.
Friday's seizure was subsequent to the confiscation of a sprawling farmhouse -- Dewan Bungalow – owned by Wadhawans at Vasai. The cost of the 2.5 acre plush farmhouse will run into tens of crores of rupees. The Wadhawans are presently in the Mumbai police Economic Offences Wing custody.