Yash Birla's woes mount: Kemps Corner home goes under hammer

After being hounded by investors for failing to repay their loans, Yash Birla’s woes have reportedly been further compounded by the fact that ING Vysya bank has taken over his sprawling 5,000 sq foot row house in south Mumbai’s Kemps Corner area.

According to a Mumbai Mirror report, Birla had borrowed Rs 19 crore from the bank in April 2012 and put the south Mumbai residence as collateral. But his failure to repay the loan resulted in the bank taking possession of the house on 2 July and announced its auction, from which it is hoping to raise at least Rs 31.45 crore despite a depressed realty market.

[caption id=“attachment_91424” align=“alignleft” width=“380”]  Yash Birla has reportedly had to auction off other property as well. AFP image[/caption]

The Grand Paradi Society houses some of Mumbai’s wealthiest businessmen, but reportedly the Birla family had moved out recently. The society has seen its fair share of controversy after a spate of suicides around a decade ago.

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A spokesperson for the Birla group told the Mumbai Mirror that it had made its priority to repay investors after which it will attempt to repay the bank and hopes to repay the loan in the next few days.

Under investigation by multiple government agencies after his company Birla Power Solutions defaulted on payments to investors, the Mumbai police had attached immovable properties belonging to Birla Power worth Rs 214 crore.

Birla’s financial troubles have seen him offload other property as well. According to this report , Birla had sold off a property he owned in Tardeo for around Rs 250 crore to a Mumbai-based realtor.