IL&FS Group puts 485,000 sq. ft of commercial, residential spaces on sale

The crisis-hit Infrastructure Leasing & Financial Services (IL&FS) Group has put 485,000 sq. ft of its commercial and residential spaces on the block, as part of its debt resolution plan.

In all, it has put on sale its assets in 13 properties. Of this, 11 are located in Mumbai. One is in Hyderabad, the other in Kolkata. The largest property being sold by the group is the 278,000 sq. ft of space (18 units) in Kohinoor Square in Dadar.

The group is seeking expression of interest (EoI) from potential buyers.

The last date for submitting the EoI for residential properties is November 15, while the last date for commercial properties is November 22. The commercial properties in Mumbai include spaces in the Business Arcade (42,419 sq. ft saleable area) and Trade World (2,450 sq. ft) in Lower Parel, Mafatlal Chambers in Parel, Kohinoor Square in Dadar, Residency Park in Virar, and Maker Chamber VI at Nariman Point. It has put 13,191 sq. ft area in Constantia building in Kolkata up for sale. The residential spaces in Mumbai up for sale include 1,300 sq. ft area in Mangal Arti (Bandra), 1,376 sq. ft in Park View (Malabar Hill), 61,845 sq. ft area in Residency Park (Virar) and spaces in Royal Palms and Lloyd’s Garden of Goregaon and Prabhadevi, respectively. It has also put 52,600 sq. ft area up for sale at Hill County in Nizampet, Hyderabad.