Rare ARC puts Thane land on block to recover ₹181-cr NCD dues

Rare Asset Reconstruction Ltd (Rare ARC) has put two land parcels in Thane district up for e-auction. It is trying to recover more than ₹181 crore owed on non-convertible debentures (NCDs) issued by Thane Life Spaces Pvt Ltd and Thane Residency Pvt Ltd. The Ahmedabad-based asset reconstruction company has set a combined reserve price of ₹23.36 crore for the two properties. That is roughly 13 per cent of the outstanding NCD dues. The auction is scheduled for November 2.

According to a sale notice published on Thursday, the aggregate outstanding NCD payments stood at ₹181.60 crore as of August 31, 2026. Further interest and costs are payable on top of that amount. The notice was issued under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act.

The first asset is a parcel of about 7,100 square metres in Bhiwandi taluka, with a reserve price of ₹16 crore. The second is a plot of about 924 square metres on Dada Patil Road near Thane railway station, in Naupada. That plot falls within Thane Municipal Corporation limits and carries a reserve price of ₹7.36 crore.

The notice lists Rare ARC’s possession of both assets as “symbolic”. This means the ARC holds legal possession but has not taken physical control of the land, which can weigh on bidder interest. The properties will be sold on an “as is where is” basis.

Those named in the notice as guarantors or security providers include Shree Tirupati Developers, Kapil Mahendra Sharma and Rajlaksha Mahendra Sharma.

Also See: Xalta Food and Beverages Hapur bottling plant machinery up for e-auction at ₹41.82 crore