IDBI Bank to Auction 12,200 sqft 'Lavish' Pent House Spread Across Five Floors with Swimming Pool in Bandra to recover dues from fashion store owners
Moneylife Digital Team 14 February 2019
Debt-laden IDBI Bank Ltd has put on block a lavish 10-bedroom residential property belonging to Pradip and Neha Hirani, owner of the Kimaya chain of fashion stores. The 12,200 sqft property spread across five floors is located at Bandra in Mumbai and has two floors dedicated to recreation area and a swimming pool.
 
IDBI Bank has kept the minimum reserve price at Rs33.23 crore. As per the advertisement, the property located on Turner Road in Bandra, consists of a swimming pool, private external and internal lift, sea-view terraces, in-built spaces that can be used as personal gym, spa, steam, sauna, Jacuzzi, private theatre and four parking lots. The property would be auctioned on 22 February 2019.
 
 
Last year, speaking with Mumbai Mirror, Pradip Hirani had said that the intent was never to default on loan. “I underwent a heart surgery two years ago, due to which the equated monthly instalments (EMIs) could not go in time. The bank is on our side and we are trying to sell the property. According to the bank's official valuation in 2105, the property is worth Rs48 crore. But it could be no less than Rs60 crore," the told the newspaper. 
 
During August 2017, IDBI Bank issued notice to the Hiranis for repayment of Rs26.5 crore outstanding dues within 60 days. When the couple failed to make any payment, the lender approached Chief Metropolitan Magistrate Court using the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI).
 
Last year in April, the Court appointed a group of lawyers as court commissioners and directed them to seal the properties of the Hiranis and hand it over to IDBI Bank.
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