The registration of the transaction occurred on December 4, 2023, with the buyers paying a stamp duty of ₹5.70 lakh.
As part of its strategy to monetize assets under a resolution plan devised with 23 lenders, Hindustan Construction Company (HCC) has successfully sold a 58.30-acre land parcel in Panvel, located in the Raigad district near Mumbai. The transaction involved the sale of the land to a Uran-based construction firm, Oak and Stone Constructions Pvt Ltd, for ₹95 crore. The e-auction process was employed to facilitate the sale, with Oak and Stone Constructions emerging as the highest bidder.
The registration documents for this transaction, accessed and shared by CRE Matrix, a real estate data analytics firm, reveal that the deal was officially registered on December 4, 2023. The purchasers executed a stamp duty payment amounting to ₹5.70 lakh, as indicated in the documents.
The documents further specify that the proceeds generated from the e-auction are intended to contribute towards achieving the monetization target of ₹1,549 crore. Part of this target is allocated for the purpose of repaying debts owed to the consortium of lenders, which includes several prominent banks and financial institutions. The debt resolution plan implemented by HCC was successfully concluded in September 2022.
