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Launched as Shriram 122 West, it is the second joint investment by the co-investment platform set up by ASK and Shiram in November 2022 with a capital commitment of Rs 500 crore
LIC, the landlord of these old, dilapidated buildings, would be given six months for redevelopment, MHADA said
The company will have to clear around Rs 175 crore in land dues to the development authorities, Rs 20 crore in vendors' dues, and pay Rs 65 crore to financial institutions.
About 62 homebuyers who had purchased apartments in the Mantri Serenity project had filed an appeal in the Supreme Court challenging the initial dates for the calculation of delayed interest, as per the NCDRC order passed in 2020.
The Authority has directed the association to be registered under Karnataka Cooperative Societies Act 1959 in order to take over completion of the project