TCG Urban Infra Acquires Two Offices in BKC, Mumbai for Rs 110 Crore


Piramal Capital & Housing Finance has recently sold two office spaces located in the commercial tower TCG Financial Centre in Mumbai’s Bandra-Kurla Complex for over Rs. 110 crore. This buyback deal was conducted with TCG Urban Infrastructure Holdings, who sold these same office spaces to Dewan Housing Finance Corporation Ltd (DHFL) for Rs. 95 crore in 2013. As part of the deal, 31 car parking slots were acquired exclusively by the TCG Urban Infrastructure Holdings.

Piramal Capital & Housing Finance Ltd was created from the merger of DHFL and its attempts to clear off the stressed book of DHFL accounts for this deal. They purchased DHFL for Rs. 34,250 crore and in June 2022 declared the sale of two tranches of bad loan portfolios with a total of Rs. 4,451 crore to VSJ Investments. In the same attempt to close the DHFL book, Piramal Capital & Housing Finance has been trying to sell their Rs. 5,546 crore bad loan to JM Financial Asset Reconstruction Company at Rs. 2,550 crore.

TCG Urban Infrastructure Holdings is a company focused on developing urban infrastructure with various projects ongoing in various parts of the nation. The company has a number of investments that are in various stages of development and these include the TCG Financial Centre in BKC.

Dewan Housing Finance Corporation was founded by Kapil Wadhawan in 1984 and grew significantly over the years. The company was merged with Piramal Capital noting the financial troubles that the firm faced in 2021. Kapil Wadhawan is currently under investigation for a number of financial irregularities and has faced multiple legal proceedings. His works in multiple aspects of business and development continues to shape the industry in India even today.