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Housing Development and Infrastructure Limited (HDIL), once a leading real estate developer, is facing a major financial challenge. The company, along with Ravijyot Finance and Leasing Private Limited and its promoters, owes over INR 2,059.30 crore to Unity Small Finance Bank (USFB), formerly Punjab & Maharashtra Cooperative (PMC) Bank. To recover these dues, USFB plans to auction a 426-acre land parcel in Dahisar West, Mumbai, with a reserve price of INR 1,234.62 crore. Interested bidders need to pay an earnest money deposit of INR 15 crore. The e-auction will accept bids in increments of INR 2 crore. Buyers should note ongoing litigations and clearance requirements that may affect development.
Housing Development and Infrastructure Limited (HDIL), once a prominent player in Mumbai's real estate market, is now facing significant financial challenges. The company, along with Ravijyot Finance and Leasing Private Limited and its promoters, owes over INR 2,059.30 crore to Unity Small Finance Bank (USFB), previously known as Punjab & Maharashtra Cooperative (PMC) Bank. Advertisement
To recover the outstanding dues, USFB has decided to auction a 426-acre land parcel in Dahisar West, Mumbai. The land, located near the Dahisar Crematorium at Anand Park along the Dahisar river, was mortgaged by Ravijyot Finance and Leasing Private Limited to secure a loan from PMC Bank. Following the loan default, the bank took possession of the property on December 26, 2023.
The reserve price for the auction has been fixed at INR 1,234.62 crore, with an earnest money deposit of INR 15 crore required from prospective bidders. The e-auction is scheduled for November 3, 2025, and bids will be accepted in increments of INR 2 crore.
Potential buyers need to be aware of several factors before participating in the auction. There are ongoing litigations related to the plot, including proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. Additionally, the Debt Recovery Tribunal (DRT) has directed Ravijyot Finance and Leasing Private Limited to avoid creating any third-party rights on the asset.
Moreover, municipal corporation records indicate that developing the plot requires clearances from the Ministry of Environment and Forests and the Maharashtra Coastal Zone Management Authority. If high-rise buildings are planned, approvals from the Airport Authority of India will also be necessary due to the land's proximity to a Remote Receiving Station across the railway line.
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