United Bank to try selling Zoom Developers' assets for a 4th time

Properties include 900 sq mt property in Andheri in Mumbai and four land parcels with area of 75,788 sq ft in Indore

Kolkata-based United Bank of India has put the assets of Zoom Developers on the block for a fourth time, to recover dues of Rs 3,002 crore from the developer. The bank reportedly tried thrice to sell the assets in the past.

The amount was due to a consortium of 25 banks, including UBI, Punjab & Sind Bank and Central Bank of India among others and UBI has put the assets on the block on behalf of other banks under Sarfaesi Act .

The reserve price of the assets is Rs 31.88 crore, UBI said in an advertisement. The properties include 900 sq metres property in the Andheri area of Mumbai and four land parcels with a total area of 75,788 sq ft at Indore, Madhya Pradesh.

The properties will be auctioned through e-auction on March 20, the bank said in an advertisement.



"Last time we did not receive any bid that met the criteria. Hence, we decided to put out another advertisement. We are confident that we will be able to sell these assets (of Zoom Developers) and recover our dues," a top official of United Bank of India told Business Standard requesting anonymity.

According to reports, lenders were planning to revaluation of mortgaged assets since they failed to recover part of outstanding loans. But it could not be ascertained whether they have revalued assets. In earlier attempts, the reserve price was fixed at R 72.88 crore for seven properties.

Recently, Housing Finance major HDFC put properties of London-based, Hirco-owned Hiranandani Palace Gardens in Chennai on the block under the Sarfaesi Act as the latter had failed to pay dues of Rs 539.86 crore and interest there on.