MUMBAI: The corporate office of Essel Group, the Indian media conglomerate, at Lower Parel has been put up for sale, with seven floors at Marathon Futurex owned by one of the group companies set to go under the hammer at a reserve price of ₹650 crore.Essel Group’s Lower Parel corporate office up for auction with ₹650 crore reserve priceAccording to LIC Housing Finance Limited, the lender has taken symbolic possession of the premises, while Essel Group owed a little over ₹696.85 crore as of April 22.“...under Securitisation & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and the Security Interest (Enforcement) Rules, 2022 had issued demand notice to the borrowers/ mortgagors/ guarantors calling upon them to repay the outstanding due amount...” read the auction sale notice issued by the non-banking finance company. The demand notice was issued in January 2024, seeking repayment of ₹507.25 crore along with further interest, costs and expenses.However, the companies, Digital Subscriber Management and Consultancy Services Private Limited and Sprit Infrapower and Multiventures, failed to repay the dues, leading LIC Housing Finance to take symbolic possession of the property. Both companies are subsidiaries of the Essel Group, founded by media mogul Subhash Chandra Goel. The symbolic possession was taken on March 9 this year.The seven floors at Marathon Futurex, spanning from the 14th to the 20th floor and measuring a total carpet area of 1,45,060.26 sq ft, will now be auctioned on May 26. Based on the reserve price of ₹650 crore, the price works out to ₹44,808.96 per sq ft.According to SME Rating Agency, Digital Subscriber Management and Consultancy Services is engaged in leasing properties and providing management consultancy services. The company had purchased the commercial property in Lower Parel and subsequently leased it to Zee Entertainment Enterprises Limited, the flagship company of Essel Group, on a leave-and-licence basis. In FY2017, the company earned rental receipts of ₹51.95 crore, with the agreement including a 5% annual rent escalation clause.Hindustan Times’ attempts to reach Essel Group regarding whether it planned to retain the office space by repaying the debt, shift its offices, or re-lease the premises received no response.Since 2018, Essel Group has divested several businesses and assets, including its crown jewel business Essel Propack, Jalesh Cruises, a partial stake in Zee Entertainment Enterprises Limited, as well as solar assets and power transmission projects. In 2020, its NBFC arm, Essel Finance, sold its ₹145 crore MSME loan book.