Rana Kapoor may lose Mumbai properties over loans

MUMBAI: Yes Bank co-founder Rana Kapoor and his family-owned firms purchased marquee properties in south Mumbai, including a two-storey building on Altamont Road and three duplexes in an under-construction luxury tower at Nepean Sea Road. Now, three months after his arrest by the enforcement directorate in a money-laundering case, Indiabulls Housing Finance and Indiabulls Commercial Credit Ltd have threatened to taken possession of the properties. The loan default against these Mumbai properties is about Rs 650 crore.
Rana, his wife Bindu and their family-controlled firms mortgaged these upscale properties in lieu of loans from Indiabulls. Early this week, Indiabulls issued a public notice, stating that theRead More – Source