The debt-laden firm, DHFL (Dewan Housing Finance Ltd) has sold its DHFL House to Charak Pharma. DHFL House is situated in Andheri, Mumbai and it is sold at INR 121 crore, far less than the current market price, according to a media report.
DHFL house, which has 90,000 sq. feet area, is close to Western Express Highway. The property was priced at a little more than INR 13,000 sq. feet, against the current price plus INR 18,000 sq. feet.
The new property owners have already rented the edifice to BookMyShow India to establish its headquarters there.
BookMyShow has rented the edifice at a monthly rental price of INR 125 per sq. feet. The ticket company has taken a lease for a period of 9 years, with a renewal of clause after every 3 years. As of now, the company is deciding to move its head office to DHFL house from its present location in Juhu, Mumbai.
Besides selling off its property, cash-strapped, DHFL is looking to sell its other assets in west India, essentially in Mumbai, so as to raise money to overcome liquidity crisis.
A catastrophic phase emerged for DHFL when NBFCs were badly hit following the collapse of ILFS.