Mumbai-based Bafna Motors, a leading dealer of Tata Motors commercial vehicles, has sold the leasehold rights of a 4-acre land parcel in Navi Mumbai’s Nerul locality to Greenscape IT Park LLP for over Rs 145 crore. According to property documents accessed through CRE Matrix, the transaction was registered on August 28 and attracted a stamp duty payment of Rs 7.27 crore.
Greenscape IT Park Clears Existing Debt to Complete Acquisition
Bafna Motors had outstanding liabilities of nearly Rs 144 crore, including around Rs 129 crore owed to United Bank of India and Rs 15 crore payable to Tata Motors Finance Solutions. To complete the transaction, Greenscape IT Park LLP repaid these dues on behalf of the automobile dealer in August before acquiring the land parcel.
The deal highlights how developers and investors are increasingly using structured transactions to acquire strategically located land assets in high-growth real estate corridors.
Land Parcel Has Long-Term MIDC Lease History
The Maharashtra Industrial Development Corporation (MIDC) originally leased the land parcel to Spundish Engineers in 1977 for a 95-year term, effective from February 1975.
In 2004, TIL Ltd, formerly known as Spundish Engineers, transferred the leasehold rights to Bafna Motors. Over the years, the Nerul property became a valuable industrial land asset due to rapid infrastructure growth across Navi Mumbai.
Loan Default Led to Legal Proceedings
In January 2020, Bafna Motors raised debt exceeding Rs 99 crore from United Bank of India and another Rs 20 crore from Tata Motors Finance Solutions by mortgaging the property.
After the company failed to repay the loans, United Bank of India initiated recovery proceedings. Bafna Motors subsequently approached the Debt Recovery Tribunal seeking redemption of the mortgage, but the bank opposed the application.
The matter later reached the Bombay High Court, which directed the automobile dealer to clear the outstanding dues by August 31, 2023. Greenscape IT Park LLP eventually settled the liabilities, enabling the transfer of leasehold rights.
Navi Mumbai Continues to Attract Land Investments
Land transactions across major Indian cities, including Mumbai, Pune, Hyderabad, Chennai, and Bengaluru, have started gaining momentum again. Developers are actively pursuing outright acquisitions and joint development agreements to expand their project pipelines.
Navi Mumbai, in particular, has emerged as a key investment hotspot. Large-scale infrastructure projects such as the Navi Mumbai International Airport and the Mumbai Trans Harbour Link are significantly boosting investor confidence and driving demand for land parcels.
Developers Focus on Residential Expansion
The ongoing housing market upcycle is encouraging developers to strengthen their residential development pipelines. Many recently acquired land parcels across India are now earmarked for future residential projects as developers prepare for higher sales demand in the upcoming quarters.
Industry experts believe this trend reflects growing confidence in India’s real estate sector, especially in infrastructure-led growth corridors such as Navi Mumbai.
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