IL&FS Seeks Fresh Approval from MMRDA for Transfer of Mumbai Headquarters

By Sandeep Sadh
May 21, 2024

Struggling infrastructure lender IL&FS has submitted a new application to the Mumbai Metropolitan Region Development Authority (MMRDA) seeking approval for the transfer of its headquarters, a renowned 10-story property located in Mumbai's Bandra-Kurla Complex (BKC), to global institutional investor Brookfield Asset Management. While the authority recently granted approval for the sublease of the property, known as The IL&FS Financial Center (TIFC), based on IL&FS's request, the sale approved by the National Company Law Tribunal (NCLT) is for a complete transfer.

A senior MMRDA official informed "The current approval for the transaction is based on IL&FS's application, and a revised approval will be issued after reviewing it under the land disposal policy." stating that the MMRDA's granted approval deviates from the one sought for the assignment or sale of TIFC according to the NCLT order, which constrains both parties' ability to finalize the transaction as per the agreed terms. IL&FS has requested a re-issuance of approval from MMRDA.

Brookfield indicated that the property transfer is in advanced stages, with various approvals secured, including clearance from the NCLT. The affiliate of Brookfield, Chronos Properties, signed a definitive agreement in March 2022 and has already disbursed a significant portion of the purchase consideration. The deal is expected to conclude shortly, according to a Brookfield spokesperson.

The transaction, valued at over Rs 1,080 crore, involves one of the iconic properties in BKC, encompassing 4.5 lakh square feet. IL&FS has already received 10% of the total consideration. This deal is part of the resolutions filed by the government-appointed board with the NCLT under the Insolvency and Bankruptcy Code (IBC) in 2016. The IL&FS Financial Center, one of the initial structures in BKC, holds significance in India's commercial landscape.

Next Article : Managing Director of Kiran Gems Purchases Mumbai Worli Apartment for Over Rs 97 Crore.

Previous Article : Prestige Estates Projects' CEO Venkata Narayana K Steps Down

About the author

Sandeep Sadh

About Sandeep Sadh

Sandeep Sadh has been in the real estate business since 1993 in Mumbai. He has expertise in Buying, Selling, Leasing properties in Mumbai and a deep understanding of legal and tax related matters due to his experience.

Summary

Over the years, he has experienced the City's growth. He has been a columnist in the Times of India with numerous articles, which bring about a clear picture of the real estate market in Mumbai. He is a regular on NDTV, CNBC, ET Now Real Estate and Zee News, giving his experienced quotes as and when required.

Builders jack up rates with market handle - The Indian Express
REALTY PLUS ORGANIZES THREE OF ITS FLAGSHIP EVENTS AT HOTEL TAJ SANTACRUZ MUMBAI - Exchange 4 Media/Realty Plus
Need'nt hurry yet to buy that new flat - The Indian Express
More luxury homes than city needs - The Indian Express
Don't wait to buy a home; prices won't drop - Rediff
Make real estate deals more transparent - Money Control
Real estate market could recover by Diwali - The Economic Times
Energy-efficient buildings increase return on your realty investment - The Economic Times
Should you buy property in a religious location? - The Economic Times
Are you paying a higher maintenance bill for housing society? - The Economic Times
Developers Are Rolling Out Offers. Homebuyers, Read The Fine Print Carefully - Bloomberg/Quint
Hot property destinations of 2007 - Rediff
Piramal's big bet - Business Today
Are you buying a 'safe' house? - Magicbricks

Sandeep Sadh has used information and technology since the year 1998 and now what people call it Prop Tech to cater to the needs of Home Buyer, Seller, Investor and Corporates, HNI and NRI looking to Buy/Sell or Lease their properties in the Mumbai Property Market.

Sandeep has a holistic experience of real estate be it Leasing an Apartment for your CEO in the most upmarket buildings, to enter into a long lease for your office in Mumbai in prime buildings or an Investment in good projects with a detailed analysis keeping in mind the Demand and Supply and other micro factors of the project/property.

Sandeep Sadh has developed a few websites like www.mumbaipropertyexchange.com, www.realestatemumbai.com, www.propi.in which augment the real estate consulting business.

Right from Investments in Primary Markets to Selling, leasing and specializing for NRI’s all over the world. He is an expert in NRI Home Buying and Selling and has a good understanding of the Income Tax laws pertaining to Selling a Property and Repatriating funds overseas or reinvesting based on Capital Gains etc.

Experience

Residential Leasing
Commercial Leasing
Residential Home Buying
Commercial Property Buying
Investment Properties with complete Property Management as your Real Estate Family office

While transacting in the above segments, he has complete experience and deep understanding of the paper work, his areas of expertise are :

Drafting of the Leave and License Agreements
MOU for Buying/Selling Properties
Drafting Agreement for Sale
Gift Deeds
Computing of Capital Gains with current ready reckoner values
Drafting of Supporting Power of Attorney.

As an add on Service, Sandeep Sadh has tied up with various Professionals like Lawyers and Chartered Accountants who add value in transacting and specially services for Non Resident Indians.

Application to Income Tax for Lower Tax Deduction Certificate – Through a qualified CA and keeping a grip on the traction so that the remittance back to Non Resident Indians after Selling the property is seamlessly transferred.

You can connect with Sandeep Sadh on ssadh@mumbaipropertyexchange.com

LinkedIn - https://www.linkedin.com/in/sandeepsadhmpe/

Account Login

Guest

IL&FS Seeks Fresh Approval from MMRDA for Transfer of Mumbai Headquarters