Mumbai: Four plots in Thane owned by Shree Tirupati Group (STG) have been put up for e-auction at a combined reserve price of ₹ 168.96 crore as Rare Asset Reconstruction Company (Rare ARC) moves to recover dues, which amounts to ₹ 955.76, from two group companies. The properties, spread across Chitalsar-Manpada and Naupada, together cover 18,863.91 square metres.
Former India cricket captain Kapil Dev was reportedly among the homebuyers. Non-convertible debentures are debt instruments used by companies to raise long-term capital. The auction comes amid financial distress at the developer, whose proposed 72-storey Star Living tower at Teen Haath Naka remains stalled. STG announced the project in October 2022, billing it as Thane’s tallest building. Outstanding non-convertible debenture dues stood at ₹ 855.5 crore as of June 30, 2025, and ₹ 70.26 crore as of August 31, 2025, with further interest and costs payable, according to the notice.
