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LIC Housing Finance puts Orbit's project on block

It has kept a reserve price of Rs 125 cr

Raghavendra Kamath  |  Mumbai 

LIC Housing Finance has put on block a residential property of real estate developer Orbit Corporation in Mumbai as the latter has failed to repay loans.

In late 2013, LIC Housing Finance had taken possession of the project Orbit Residency Park in Andheri area of Mumbai excluding 155 apartments in the residential complex for default of Rs 95.5 crore, including interest, expenses and other charges.

LIC Housing Finance has kept a reserve price of Rs 125 crore for the 97,733 sq ft property. It said bidders can submit bids till July 30 and they would be opened on July 31.

Orbit has been fighting falling sales and mounting debt for the last couple of years. In August 2013, LIC Housing Finance said Orbit had defaulted on interest and principal dues of Rs 95.5 crore and declared the account as an non-performing asset. LIC Housing Finance had sanctioned a loan of Rs 325 crore to Orbit.

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First Published: Wed, July 01 2015. 00:07 IST