Listed real estate company DB Realty on March 11 announced that it has given 186 acres of its land to Brihanmumbai Municipal Corporation (BMC) also known as the Mumbai Civic Body at Rs 248 crore for a period of three years that can be extended up to five years.
The BMC is constructing the coastal road project requiring land for casting yards and allied works.
"Mira Real Estate Developers, (“Firm/Licensor/Mira”), a partnership firm in which the Company/its WOS hold 100 % share in profit/loss, is the owner of 254.99 acres of land adjoining Mira Road railway station on the western side. The said land is vacant and undeveloped. From the total land holding of 254.99 acres, land measuring 186.52 acres was offered," DB Realty said in a regulatory filing on March 11.
Under the tender, land admeasuring 186.52 acres (7,54,859.64 sq. mtrs) shall be temporarily handed over to the BMC on a Leave and License for three years (can be further extended by two years) at a license fee of approximately Rs. 248 crore average per annum over 5 years, the regulatory filing added.
Also read: DB Realty to soon hit the market with Rs 2,000 crore QIP
The Mira land which is largely situated in the residential zone, has over 50 million sq ft of development potential which is expected to be undertaken for development of an integrated township post-completion of the infrastructure linking the Mira Land. The current residential capital value in the area is approximately Rs 20,000/- per sq ft on carpet, the company said.
Meanwhile, DB Realty on March 09 had also announced the change in name of its company DB Realty to Valor Estate Limited.
"The office of the Central Processing Centre, Ministry of Corporate Affairs, has approved the change of name of the Company from ‘D B Realty Limited’ to ‘Valor Estate Limited’ w.e.f. March 8, 2024. Due changes reflecting the aforesaid change of name of the company in all records and documents of the company will be appropriately carried out in due course, it informed in a regulatory filing.
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