Vadodara’s Balaji Agora Mall up for auction over unpaid loan worth ₹711 cr

The Agora City Centre Mall project in Vadodara has been put up for auction after it was hit by a financial crunch and now owes ₹711 crore. One of the biggest projects of Balaji Construction Vadodara, a subsidiary of Ahmedabad-based Manav Infrastructure, was financed by LIC Housing Finance.

The commercial and residential construction project has been mired in controversy for the past eight years. The project developer faced allegations of encroachment along the banks of the Vishwamitri River. There were demands to remove the encroachments along the river. On September 27, the club house was demolished.

After LIC Housing Finance took possession of the commercial and residential project, the auction process began. According to a notice from LIC Housing Finance, the e-auction process started on November 6. However, it remains unclear whether the auction was successful.

Manav Infrastructure stated that they were updated about the auction of the property but are yet to receive the details about the process.

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