Haldiram, Pune real estate agent fighting for Lavasa

MUMBAI: a consortium led by Haldiram Snacks and another led by Pune-based developer, Anirudha Deshpande, have become the main contenders for Lavasa Corporation - the entity that develops a hill town near Pune of the same name. It is also understood that the UV Asset Reconstruction company has submitted an offer.

The Haldiram -led consortium has offered Rs 2,125 crore against total claims of Rs 8,716 crore. Of this, Rs 1,646 crore would be repaid to banks and financial institutions who have claims of Rs 5,559 crore. Haldiram proposes to position the hill station as an education, tourist and holiday destination. The group has also given a break-up of what it will spend in meeting homebuyer claims. Haldiram has put in its bid along with Pioneer Facor IT Infradevelopers and Sanar Property.

Deshpande's offer is for Rs 1,173 million rupees, of which Rs 1,120 million rupees is offered to institutional creditors. For homebuyers, Deshpande has not assigned any value, but has offered to build and take possession of the promised units after considering a cost escalation.

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The Haldiram consortium’s proposal includes an upfront payment of Rs 246 crore to creditors, of which Rs 100 crore would be paid to financial creditors.

The lenders said a final decision would be made before November 4. Representatives of the 17 lenders listened to the tenders' presentations and will now discuss it with their headquarters. A senior banker said factors should be considered: the down payment, the proposal for homebuyers and the loan repayment period, among others.

Lavasa had sold houses in Dasve and Mugaon villages and bidders promised to deliver the houses in three to seven years.

The key lenders of the project are Union Bank of India with claims of Rs 710 crore, L&T Infrastructure Finance (Rs 656 crore), Asset Reconstruction Company of India (Rs 606) and Bank of India (Rs 567 crore).

The balance is distributed among 13 other lenders. Lavasa Corporation is promoted by HCC (68.7%), Avantha Group (17.18%) and Venkateshwara hatcheries (7.81%). It had projected the municipality as a mountain city, about a fifth the size of Mumbai, with the goal of housing three permanent Lakh residents.