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Mumbai-based real estate developer Hiranandani Group is understood to have bought Hirco's Chennai township for around R600 crore, which was put up for auction by HDFC in March 2014 to recover its dues on the project, which was to be jointly developed by Hiranandani Group and AIM-listed Hirco, said a source.
London-based investment company Hirco has already decided to write down its £350-million (around R3,500-crore currently) investment in the Hiranandani-sponsored Panvel project and this Chennai project to nil. The company said it was doing so as both the projects were "foreclosed on" and are "being sold at auction".
Hirco's chairman John D Chapman in his letter to shareholders published in the company's reports and accounts for the year ended September 30, 2013, has said that these assets on auction were being purchased by Niranjan Hiranandani for a "lot less than their last appraised value".