Mumbai:
DB Realty has entered into an agreement with Radius Developers to jointly execute a redevelopment project spread over five acres near the Bandra Kurla Complex (BKC) area. As per the memorandum of understanding entered into, DB Realty will hold 51% stake in the project, while the rest will be with Radius Developers.
“Radius Developers will undertake construction and marketing of the project and hand over 51% area to DB Realty. The project will be co-branded by both Radius and DB Realty,“ Sanjay Chhabria, managing director of Radius Developers, told ET.
DB Group, following its alleged involvement in 2G telecom spectrum scam in 2011, has been looking to tie up with other developers to further its projects. According to industry observers, such alliances will allow the company to revive its projects to improve its revenue flow and re duce cost burden.
On Thursday , DB Realty announced that the company has received the requisite approvals for the project from the civic body and other authorities. The developer started the demolition of the buildings on Thursday .The company will commence construction immediately after the process of demolition is completed.The built-up area of the project is in excess of 2.6 million sq ft.
DB Realty had entered into development agreement with MIG Cooperative Housing Society for development of the land in 2010. The company has so far invested an amount of ` . 340 crore in the project.As per the provisions of the Development Agreement, the society has handed over the vacant flats and buildings to the company, DB Realty said. The residential project will be launched on October 14, 2015, and is planned to be completed within 39 months.
Property rates in the vicinity are hovering around ` . 35,000 to 40,000 per sq ft.
No comments:
Post a Comment