426-Acre HDIL Land in Dahisar Put on Auction by Unity Bank Amid Pending Clearances and Legal Disputes

A 426-acre land parcel in Dahisar (West), historically tied to Housing Development and Infrastructure Limited (HDIL), was put up for auction by Unity Small Finance Bank (USFB). The asset was earlier mortgaged to the erstwhile PMC Bank through Ravijyot Finance & Leasing Pvt Ltd and was transferred into USFB’s control following the merger. The plot was described as being located along the Dahisar river near the Dahisar crematorium at Anand Park, and possession was recorded as having been taken by the bank on December 26, 2023.

A recovery of ₹2,059.30 crore was stated as the objective by the lender, with the liability attributed to HDIL, Ravijyot, and promoters Rakesh and Sarang Wadhawan. A reserve price of ₹1,234.62 crore was fixed, and an earnest money deposit of ₹15 crore was sought from interested participants. It was announced that an e-auction date of November 3 had been set, and that bids would be accepted in increments of ₹2 crore. Under the sale conditions, it was stipulated that 25% of the winning bid amount be deposited on the next working day after the sale confirmation, while the balance 75% was required within 15 days, subject to an extension of up to three months.

Multiple layers of compliance were indicated as prerequisites for development. Clearances from the Ministry of Environment, Forest and Climate Change and from the Maharashtra Coastal Zone Management Authority were cited as mandatory, given the plot’s geographical setting. In addition, it was specified that the Airport Authority of India’s permission would be needed if a high-rise was proposed, owing to the plot’s closeness to a Remote Receiving Station situated across the railway line.

A dense legal environment was also acknowledged. Proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, were said to be underway. A Debt Recovery Tribunal action for ₹2,173.93 crore was referenced, and, by an order issued in April 2024, the creation of any third-party rights over the land by Ravijyot was restrained. Separately, it was recorded that the Brihanmumbai Municipal Corporation had initiated acquisition of 62,866.41 sq m (15.53 acres) from the larger parcel to offset pending civic dues.

The sale process was contextualized against the broader PMC Bank saga. Within PMC Bank’s ₹8,300-crore loan book, an exposure of ₹6,226.01 crore to HDIL was reported. HDIL’s bankruptcy filing in August 2019 was followed by the bank’s collapse in September 2019. The promoters, Rakesh and Sarang Wadhawan, were arrested in October 2019 in connection with the fraud case and were granted bail in April 2024. In light of this history, the Dahisar auction was portrayed as a significant step in recovery efforts, though development prospects were framed as conditional upon environmental, coastal, aviation, and municipal clearances and as complicated by ongoing litigation.