Piramal Enterprises denies loan defaults by real estate developers

Piramal Enterprises Ltd has denied any loan default by real estate developers, including Lodha, Omkar, Vatika, Embassy, Radius, Nahar, Aristo and Supertech.

“Piramal Enterprises would categorically like to state that we have an extremely robust loan processing and recovery process, including risk management and asset monitoring system. 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 or PCHFL (Piramal Capital and Housing Finance),” it said in a statement.

Additionally, 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 repayment by these developers.

PCHFL, the wholly owned subsidiary of Piramal Enterprises, provides early stage private equity, structured debt, senior secured debt, construction finance, flexi lease rental discounting and housing finance in the real estate sector.

“Piramal Enterprises would also like to state that the National Housing Board (NHB) carries out an annual inspection of all housing finance companies. PCHF had received the housing finance licence in end August, 2017 and accordingly, NHB has now initiated their annual inspection of PCHFL. This is purely routine and procedural in nature,” it added.