Dunlop House In Worli Put On Hold Again

Dunlop India’s famous 41,000 sq.feet property at Worli, Mumbai is put on the block again by the ICICI bank.The bank had taken possession of the property after the Ruia group had defaulted on a loan of Rs 519 crore from the bank. Noticeably the bank had tried to auction the property twice already with no success in order to recover the loan. ICICI has expectations of recovering about Rs 240 crore from the property.

The landmark property was taken over by the Ruia group in 2005 when they took control of Dunlop India from Chhabria family. Further, the property got a tepid response from the buyers despite its prime location and value as people are a bit hesitant to purchase it because of the bank default issue. In 2012, the tyre makers Dunlop tried to sold this properly at a whooping Rs 400 crore but the bad market conditions at the time meant that they found no buyer for that price in the market.

Sources at the bank have said that the property is clear and the bank is looking to sell it to recover loan amount. There are no issues in the purchase whatsoever. The prime location means that the property has great potential if it finds a suitable buyer for it.

Author: Ankit verma

My need for speed began at a very early age and I realised this as soon as I got my first bicycle at the age of 8. When all the other kids would break downhill I would pedal harder just to go faster and enjoy the thrill. Adding to my interest for speed, I grew engrossed in the working mechanics of two wheelers thanks to my father as he is a hydraulic mechanic and would take me along with him on his repair sessions. Eventually I became familiar with the tools and basic technical concepts of two wheelers.Super sport and sport tourers are more of my liking and the sparks to these flames were ignited the first time I experienced the maddening power of a Yamaha YZF R1. I was just 14 years old at the time and got to ride as a pillion with an older acquaintance. This one short ride influenced my every decision in terms of the bikes I want to own. As of today I’m 26 years old and a proud owner of a Yamaha Fz15 version 2.0 and a Kawasaki Ninja 650 2014 model having clocked a decent 30k Kms only while touring, waiting to clock 1000s more as riding makes me feel whole again after enduring the dismal routines of life. Read more