Bankrupt IL&FS group has put on block its entire commercial real estate assets in the Gujarat International Finance Tec-City (Gift City) for sale, which according to sources, is likely to fetch around Rs 480 crore.
In a public notice Monday, IL&FS said it has put its two towers — Gift One and Gift Two — having a developable area of around 6 lakh sqft on the block and has invited expressions of interest from investors.
These two commercial towers of 28-storeys each, are developed by special purpose vehicles — Sabarmati Capital One and Sabarmati Capital Two — respectively, which are subsidiaries of IL&FS Urban Infrastructure. According to industry experts, the deal is expected to fetch the crippled company around Rs 480 crore and property consultant CBRE is assisting for the transaction.
The parent IL&FS owes close to Rs 1 trillion to over 50 banks and financial institutions and have been defaulting on its debt obligations since last September. The company was sent to the bankruptcy tribunal last October after the government superseded its board.
 "GIFT City")