India, April 17 -- As many as 59 flats in Virar owned by debt-ridden Infrastructure Leasing & Financial Services Limited (IL&FS) have been put up for sale through an e-auction, according to sources in the real estate industry.

The inventory includes 14 three-bedroom units, 44 two-bedroom units and one one-bedroom unit, all located in Phase 2 of Residency Park, a residential complex about 2.5 km from Virar railway station.

People familiar with the development said the reserve prices have been set slightly below prevailing market rates. A one-bedroom flat has a reserve price of Rs.30 lakh, compared to an estimated resale value of Rs.32 lakh. Two-bedroom units are priced at Rs.40 lakh against a market value of around Rs.50 lakh, while thre...