MUMBAI: State-run IDBI Bank will auction a 10-bedroom, 12,200 sq ft penthouse in Bandra. The property of Pradeep Hirani was taken over by the bank under Securitisation and Reconstruction of Financial Assets and Enforcement (Sarfaesi) Act last October, after he defaulted on a loan.
Hirani owes Rs 30.7 crore, including interest, to the bank, according to the bid document. The property will be e-auctioned on February 22, the bank said.
Hirani and his wife Neha own Kimaya Fashions, which has designer stores in the country besides Dubai and Pakistan, according to the company website. The first store was opened in Juhu in 2003.
The lender, now owned by LIC, set the reserve price of the property, spread over five levels, on Turner Road, at Rs 33.2 crore. The penthouse comes with a private swimming pool, exclusive lifts, sea view terraces and a four-car parking, among other facilities.
Source: Press Trust of India