One of the largest integrated residential complexes in Bandra's affluent neighbourhood, Ten BKC is spread across 5 acres. Apartments in the project's 15 wings range in size from 1,080 square feet to 6,068 square feet and come in two- to six-bedroom triplexes. On January 9, 2023, the prestigious National Company Law Tribunal ("NCLT") accepted the resolution plan put out by Adani Goodhomes Pvt. Ltd. for the acquisition of Radius Estates & Developers Pvt. Ltd., i.e. the special purpose vehicle for the Ten BKC Project.
Launched in 2015–16, Ten BKC is a prominent residential development in the heart of Mumbai. Despite being in the early stages of development, Radius Estates & Developers Pvt. Ltd. encountered several challenges that caused the project to stop in January 2020. The Society ended its contract with the developer, but it remained open to carrying on with the project provided work started again right away, among other conditions. When certain financial creditors brought Radius Estates & Developers before the Hon. NLCT under the Insolvency and Bankruptcy Code, the situation became much worse.
After the renovation was finished, this put about 400 residents and 176 Society members in a perilous situation with minimal visibility. Many of them had taken out mortgage loans and were living on rent, which put them under a lot of financial strain.Given that the project was still in the planning stages and that more than 220 slabs needed to be cast, the prospective developer would have needed to spend a staggering Rs 1,000 crore to finish it.
MIG (Bandra) Realtors & Builders Pvt. Ltd., the current joint venture partner, offered its assistance as Adani Goodhomes intervened and filed a resolution plan to keep the project alive. In order to finish the project without charging the residents any further money, Adani Goodhomes proposed a resolution plan.
Despite the difficulties, the Adani Goodhomes resolution plan was overwhelmingly accepted by the Committee of Creditors in December 2021, at which point Adani Goodhomes injected new cash to restart building right away. In the Adani Goodhomes forfeited claims to more than Rs. 200 crore of assets in the interest of the project, in addition to the planned consideration of Rs. 800 crore from Radius firms.
Despite having previously obtained significantly larger returns, a few tiny creditors who represent ultra-HNI investors have consistently opposed the scheme. The Hon'ble NCLT nod provides relief for troubled and blocked real estate projects and has established a precedent that gives many of these impacted individuals hope. Radius Estates & Developers would have gone into liquidation without Adani Realty's intervention, placing all homeowners in a precarious situation.
The project has been taken over by Adani Goodhomes, which is good news for homebuyers. "Adani taking over the project has achieved a full reversal for the members of the Society, who are now more or less assured of having their homes back," stated Mr. Ravi Shetty, the society's chairman. More than 8 years have passed since we left our homes. larger than Seeing the end of the tunnel has been crucial because 60% of the members are 70 years of age or older.
A significant achievement for society is that there are about 2,000 workers on the site. "It is our goal to get our homes back, thus we were really interested in working with a dependable developer like Adani who would see us through."
Owner of Ten BKC Dr. Abhaya Kumar stated, "All players have shown openness in their operations via the IBC process." Because of this, we now feel confident that our homes will be delivered on schedule. "The tower is ready, and we expect the project to be delivered next year," says Adani Realty, a reputable name in real estate that always puts the needs of its clients first.
"Adani's resolve to develop and complete the property provided me piece of mind, knowing that my investment is protected," remarked Mr. Ashish Yakhmi, a resident of Ten BKC. We are really grateful to Adani Realty for stepping in and launching the development right away, fulfilling our long-held desire to live in Bandra. One of the largest integrated residential complexes in the affluent Bandra neighbourhood is Ten BKC, which spans 5 acres.
The project consists of 15 wings with apartments ranging in size from 1,080 square feet to 6,068 square feet, including triplexes with 2 to 6 bedrooms. 2.9 acres of open space, 5-story parking, a sky gym, a 45,000-square-foot luxury entry lobby, an opulent clubhouse with a 30-meter lap pool, a children's play area, and much more will also be included in the building.
Adani Realty's Ten BKC To Be Delivered In 2024
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