Hindustan Construction Company (HCC) has sold a 58.30-acre land parcel in Panvel in Raigad district near Mumbai to a Uran-based construction company for ₹95 crore as part of its plan to monetize its assets under a resolution plan worked out with 23 lenders.
The 2,36,890 sq m land parcel was put on the block for e-auction as part of the monetisation plan and Uran-based Oak and Stone Constructions Pvt Ltd had emerged as the highest bidder with the bid worth ₹95 crore, showed the registration documents accessed and shared by CRE Matrix, a real estate data analytics firm.
The transaction was registered on December 4, 2023, and the purchasers paid a stamp duty of ₹5.70 lakh, the documents said.
The documents indicated that the proceeds from the e-auction were to go towards meeting the monetization target of ₹1,549 crore, and a portion of this target was also slated to go towards lenders’ debt repayment. Several leading banks and financial institutions were part of the consortium of lenders and the debt resolution plan by HCC was completed in September 2022.