MIG (Bandra) Realtors and Builders Pvt Ltd, a subsidiary of DB Realty, is planning to enter into a joint venture agreement with Vishwaroop Estates and Developers to develop a project near the MIG Club. The total built up area will be nearly 25 lakh square feet, which will be shareable between the two JV partners.
NM Gattu, CFO, DB Realty, sees a topline of Rs 3500 crore from its share in this project, which is 55 percent. He expects to complete the project in 39 months and hopes to see realisation of Rs 32,000 per sq ft (initial launch price), going up to Rs 40,000 per sq ft by the time the project is completed in 2018.
The company has about four projects that are in the process of unlocking.
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