TCG Urban Holdings Private Ltd Purchases Two Offices in Bandra Kurla Complex, Mumbai from Piramal Capital

According to real estate reports in Mumbai, Piramal Capital & Housing Finance has sold TCG Urban Infrastructure Holdings two office spaces totaling 22,524 square feet in the commercial building TCG Financial Centre in Mumbai's business district of Bandra-Kurla Complex for more than INR 110 crore.

TCG Urban Infrastructure sold the same office space in 2013 to Dewan Housing Finance Corporation (DHFL), which has since amalgamated with Piramal Capital & Housing Finance. This is a repurchase transaction.

Afterwards, DHFL paid 95 crore for these offices on the 9th and 10th floors of the commercial skyscraper in BKC's G Block. It then paid 4.75 crore in registration fees for the transaction. According to papers accessible by CRE Matrix, TCG Urban Infrastructure closed and registered the transactions for both offices on March 28 last week and paid 6.60 crore in stamp duty.

Buyback agreement for 110 Cr - In 2013, TCG sold office space to DHFL, which subsequently amalgamated with Piramal Capital.

TCG Urban Infrastructure Holdings will have exclusive access to a total of 31 parking spaces as part of the transaction.

Piramal Capital & Housing Finance has been aggressively selling bad loans to clear up the troubled book of DHFL, which it acquired in September 2021 through bankruptcy auction. It had bought DHFL for 34,250 crore, comprising 14,717.4 crore in cash and 19,532.5 crore in bonds provided to DHFL lenders.

About TCG Urban

The function of TCG Urban Infrastructure Holdings Private Limited is that of a holding company. With its subsidiaries, the company develops, builds, and maintains residential and commercial buildings. TCG Urban Infrastructure Holdings provides services to a large customer base in India.