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IIFL's win over Palais Royale delay offers hope to buyers
Mint Chennai
|August 11, 2025
Project's current developer ordered to pay interest to IIFL, reinforcing lender rights
In a significant win for IIFL Finance Ltd, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has directed the developer of Mumbai's Palais Royale project to pay the company interest for delayed possession of seven apartments.
As per the order dated 4 August, directed to the project's current developer Honest Shelters Pvt. Ltd, the interest payable to IIFL is about ₹33.61 crore for one apartment alone.
The total amount payable to IIFL under the order exceeds ₹100 crore, said a company executive. Mint could not independently confirm this. Honest Shelters and its advocates did not respond to Mint's queries.
The Palais Royale project, which has been delayed for over 15 years, has changed many developers. IIFL, one of the lenders to the project, was given possession of eight flats in lieu of the unpaid dues by the developer. This was before Honest Shelters took charge of the project.
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