Archive · 28 Jun 2025
Edelweiss ARC Seeks Investors for Mumbai Real Estate Project
Edelweiss ARC is looking for new investors to finish a building project in Mumbai because the company building it, Joy Builders, owes a lot of money.
Joy Builders didn't pay back loans from 2019.
Edelweiss is now trying to take over the project to recover the money.
The loans were for ₹250 crore.
The total amount owed, including interest, is over ₹827 crore.
The project is located near Linking Road and the Khar railway station.
Edelweiss is looking for new investors to complete the unfinished project.
Edelweiss ARC is seeking investors for a stalled 1.7-acre real estate project in Khar, Mumbai.
The project is near Linking Road and Bandra/Khar railway stations.
EARC issued a demand notice to Joy Builders for an outstanding liability of ₹827.36 crore.
The liability stems from two loans from ECL Finance Limited in 2019, totaling ₹250 crore.
The loan account was classified as a Non-Performing Asset (NPA) on June 30, 2023, due to defaults.
- Who
- Edelweiss ARC, Joy Builders, and guarantors.
- What
- Edelweiss ARC is seeking investors for a stalled real estate project.
- When
- The loans were taken out on March 26, 2019. The account was classified as NPA on June 30, 2023.
- Where
- Khar (West), Mumbai.
- Why
- To recover outstanding dues and complete the project.
Edelweiss ARC
Joy Builders
Financial Obligations
Edelweiss ARC
Seeking to recover the debt and complete the project.
Joy Builders
Unable to fulfill financial obligations, project stalled.
- Project Size
- 1.7 acres
- Location
- Khar (West), Mumbai
- Outstanding Liability
- ₹827.36 crore
- Original Loan Amount
- ₹250 crore
- Original Lender
- ECL Finance Limited
- Loan Type
- Term loan and revolving credit facility
- NPA Date
- June 30, 2023