Piramal Group refutes rumours of loan defaults by developers

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IANS | 22 Oct, 2018
Piramal Enterprises (PEL) on Monday strongly refuted as "baseless rumours" reports of loan defaults by real estate developers to its lending arm Piramal Capital & Housing Finance Ltd (PHFCL).

A Piramal Enterprises statement said the developers in its lending portfolio rumored to have defaulted have never defaulted on any interest or repayment obligation to PEL or PCHFL.

"Among others the rumours relate to loan defaults to PEL/Piramal Capital & Housing Finance Limited (PCHFL) by real estate developers such as Lodha, Omkar, Vatika, Embassy, Radius, Nahar, Aristo, Supertech etc," the statement said.

"Developers like Lodha, Omkar, Vatika and Embassy referred to in the rumours are part of our lending portfolio but have never defaulted on any interest or repayment obligation to PEL/PCHFL.

"Additionally, contrary to rumours, PCHFL has not extended any loan to developers like Aristo, Nahar, Supertech, Radius and Amrapali. Therefore, there is no question of any default on loan repayments by these developers."

PCHFL received the housing finance license in August 2017 and the National Housing Board has now initiated their annual inspection of the company, PEL said.

"This is purely routine and procedural in nature," it added.

The Piramal statement comes in the backdrop of a series of loan defaults last month by IL&FS which severely dented the stocks of housing finance as well as non-banking financial companies.