INSUBCONTINENT EXCLUSIVE:
MUMBAI: Bankrupt Infrastructure Leasing Financial Services (ILFS) has received a complete exit worth around Rs 400 crore from realty
of the development said.
ILFS, through its various overseas funds managed by it, invested Rs 235 crore in this project in multiple tranches
The premium residential project with over 420 apartments spread over nearly 6 lakh sq ft carpet area was launched in 2009-10, while the
developer had acquired the plot in 2008.
The developer has nearly completed the project and has commenced giving possession in all three
towers that are part of the development.
Runwal has also now provided exit to the investor in multiple tranches with the last payment made
as recently as last week of September
said one of the persons mentioned above.
The exit has been financed through sale of houses at the project
The developer has so far sold over 75 per cent of the project that is currently fetching property rates of around Rs 24,000 per sq ft on
built up basis.
This is the fourth exit provided by Runwal Group to investors following earlier exits by Singapore-based realty developer
while Runwal Group declined to comment for the story.
A series of defaults and delayed payments of debt by the group companies of ILFS
including ILFS Transportation Networks (ITNL) and ILFS Financial Services over the last few months has triggered a crisis for the group
The defaults has resulted in a massive sell-off in shares of other non-banking financial companies (NBFCs) too.
