REC Limited received a title certificate report for land bearing Sub-plot No. 8 of Final Plot No. 585 in Town Planning Scheme No. 2, admeasuring 999 sq.mtrs in Vadodara, Gujarat.
The land is owned by Vadodara Municipal Corporation, with usage and possession rights vested in REC Limited.
A legal scrutiny report from the Sub Registrar, Vadodara, for 30 years certifies that REC Limited has a valid title on the land.
The property is valued at ₹8,84,76,000 (Market Value), with a realizable sale value of ₹7,96,28,400 (90% of M.V).
The land is mortgaged and charged, with documents examined including bonds and mortgage deeds in favor of SBICAP Trustee Company Limited and IDBI Trusteeship Services Limited.
The lease is for 99 years from 24 March 1999, with a yearly ground rent of ₹1/sq.mtr.