New Delhi: As their real estate empire crumbles, Chandras of Unitech may even lose their family home to lenders. Mortgage lender HDFC has put out notices to auction Sanjay Chandra’s house in the upmarket Hauz Khas area in South Delhi.
Unitech managing director Sanjay Chandra grew up in the Mayfair Garden house in Hauz Khas where his mother ran a clinic. Chandra is now facing charges ranging from cheating homebuyers to defrauding banks. With his family residence being put on the block, Chandras might be going through a very painful phase.
The Housing Development Finance Corporation (HDFC) has pasted auction notice on the property, drumming up interest from prospective bidders. It has kept the reserve price at Rs 18.30 crore for the house measuring 400 square yards.
The home loan major has initiated the action as per Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 to recover its money. It has arranged site inspection of the property next month where bidders would be able to look around the property to assess its value.
Crest-fallen business tycoon Chandra was one of the key accused in the 2G spectrum allocation case. A special court had, however, acquitted him in the case last year.
Following the court order, he had said that his firm had not done anything wrong to get spectrum under the then first come-first serve policy of the UPA government.
Sanjay Chandra is currently facing charges of deceiving hundreds of homebuyers by taking money while not delivering flats to them. Hearing the cases involving Unitech, the Supreme Court had earlier this year ordered to auction the unencumbered properties of the real estate major, including Chandra’s personal assets, to pay back homebuyers.