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Gurugram-based real estate developer Vatika Ltd said on Tuesday that it had not defaulted on any of its loans borrowed from non-banking finance companies and housing finance companies such as HDFC, Piramal Enterprises and Indiabulls Housing Finance.
Every lender is well protected through escrow accounts which have demonstrated strong cash flows and the company remains optimistic about its FY19 sales targets, a Vatika statement quoted Anirban Mukhopadhyay, Head of Finance, Vatika, as saying.
The latest statement from Vatika comes on the heels of Piramal Enterprise’s statement on Monday, which said: “The company strongly refutes all baseless rumours of any sort/form that have been floating around with respect to its real estate loan portfolio companies.”
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