New Delhi: Beleaguered realty firm HDIL has appointed property consultant Knight Frank to conduct valuation of the 40 properties that it has secured with the PMC Bank. These 40 properties are initially estimated to valued about Rs 8,000 crore.
These properties are located in Kerala, Thane, Vasai and Navi Mumbai.
“Knight Frank will have to submit its valuation report to HDIL in 7-10 days,” HDIL said in a statement on Thursday.
The principal loan is about Rs 2,200 crore on these 40 properties but the bank has allegedly extended Rs 4,500 crore to the realty firm on the back of security of the properties in fraudulent transactions.
The statementby HDIL said; “Sarang Wadhawan had spoken to PMC management about the resolution plan to monetise these assets and clear the loans and hence the money of depositors are safe”.
About 18 of the 40 properties had been valued between 2010 and 2018 and the mortgage taken on these 18 properties was Rs 1,300 crore while these 18 properties were valued Rs 2,200 crore and the other 22 assets are yet to be assessed, the statement added.
“The valuation of these properties mentioned with the bank is in 2010, 2012 and 2018. The current market valuation is not done. Hence the company has hired Knight Frank to do a fair valuation at the current market rate,” it said.