The project entails construction, completion and handing over of 4,000 tenements of carpet area size 27.88 metre along with transfer of land and completed tenements to Municipal Corporation of Great Mumbai in village Chandivali in Zone-V
The freehold vacant land approximately 22,000 square meters situated in Andheri (East) Mumbai is now available to its subsidiary Esteem Properties for development.
Godrej Properties has cultivated a premium brand that symbolises the highest level of ethics and governance.
Mumbai-based Godrej Properties, one of the leading developers in the country, plans to invest Rs 300 crore in the joint platform, which will take its total investment to Rs 700 crore.
In a regulatory filing, the company informed that an extraordinary general meeting (EGM) has been called on February 2 to consider this proposal.
Last month, Prestige Estates Projects Ltd announced a joint venture with DB Group to develop a large hotel and convention centre project at Aero City in the national capital with an investment of Rs 2,000 crore.
Prestige Group has been looking to enter Mumbai’s office market for several years and has explored similar deals in the past. The firm is in talks with DB Realty to enter into a joint development pact for two of the latter’s projects
Its net loss stood at Rs 12.39 crore in the year-ago period, the Mumbai-based developer said in a regulatory filing.
The company did not disclose the deal value. The NRTPL is a subsidiary of the company (54.31 percent of the total paid up capital), having 'One Mahalakshmi' project at Mahalaxmi, Mumbai.
The Nifty Realty index was the only major gainer among sectoral indices, rising nearly 2 percent intraday.
468 stocks hit lower circuit intraday on Tuesday as Rs 4.95 lakh crore of investor's wealth was washed away led by Sensex and Nifty plunging over 2 percent.
In a filing with the BSE, DB Realty informed that the company and LIC Housing Finance have "arrived at a settlement and have executed a debt settlement agreement".
On July 25, 2017 IIRF Holdings VI sold 38,38,190 shares of DB Realty at Rs 38.96.
Unable to complete construction of two flagship Mumbai projects in time, DB Realty is looking to exit or sell stake in both these projects but this may just be the tip of the iceberg. More projects may be on the block.
DB Realty's arm Neelkamal Realtors Tower has entered into a development management agreement with Indo Global Soft Solutions and Technologies Pvt Ltd for the development of its Orchid Height project in Mumbai.