IDBI to auction Kimaya Fashions owners' penthouse in Bandra

State-run IDBI Bank is auctioning a 10-bedroom, 12,200 sqft penthouse in the posh Bandra area of the megapolis. The property, which belonged to Pradeep K Hirani, was taken over by the bank under the Securitisation and Reconstruction of Financial Assets and Enforcement (Sarfaesi) Act last October after he defaulted on a loan.

Hirani owes Rs 30.72 crore, including interest, to the bank, according to the bid document. The property will be e-auctioned on February 22, the bank said.

Hirani, along with his wife Neha, own Kimaya Fashions which has designer stores in the country apart from Dubai and Pakistan, according to the company website. The first store was opened in 2003 at Juhu. The lender, which is now owned by LIC, has set the reserve price of the property, which is spread over five levels, located on the Turner Road at Rs 33.23 crore.

The penthouse comes with its own private swimming pool, exclusive lifts, sea view terraces and a four car parking, among others. According to market sources, the valuation of the property is according to the prevailing rates in Bandra, which is a home to many Bollywood celebrities. It, however, will attract limited buyers..

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)