DB Realty, the Shahid Balwa and Vinod Goenka promoted realty company, is all set to undertake joint venture development on a 106-acre Thane plot, Shahid Balwa, managing director, DB Realty, told analysts in a conference call. Sources close to the development said that DB Realty is acquiring the Botanium Ltd land, which is owned by Wadias, the promoters of Bombay Dyeing. “Wadias had put the land on block long time back with clear land title and were looking at close to Rs500-600 crore, but DB Realty is paying close to Rs300-400 crore for the joint venture,” the source said. The joint venture ratio could not be ascertained and it is not clear if Wadias would be the joint venture partners. Botanium Ltd is a 94.71 acre industrial land parcel at Ghodbunder road, which earlier had adiwasi (tribal) right and title issue, and Wadias were looking at an outright sale of the property. DB Realty is acquiring a few acres from a nearby parcel. The project would come up next to the Lodha Group’s Casa Royale project. Balwa said in the conference call that that the Thane property would add 15 million square feet (msf) to the company’s portfolio. In an email response, DB Realty said, “We are currently bound by a non-disclosure agreement and hence cannot disclose any details of the proposed transaction.” DB Group is all set to expend Rs 1,000 crore for acquisition of new redevelopment projects. The company plans to acquire and add 44 million sq ft of new inventory in its books. It is in the final stages of securing rights to redevelop the Abhyudayanagar property at Kalachowkie, a 3 msf land parcel, which is a Mhada project. It is a 60:40 joint venture project with 40 per cent owned by Shreepati Group. DB Realty has also secured a slum cum open private land in Premnagar, Goregaon, which will add 6 million sq ft to its land bank. It has also acquired one-third share in Mahal Pictures Pvt Ltd to develop a 58-acre land in Jogeshwari with a total built-up area of 5 million sq ft. Source: http://www.realtyplusmag.com/rpnewsletter/fullstory.asp?news_id=9838&cat_id=1 Filed under: Builders/ Developers , Mumbai , New projects Tagged: DB Realty , Mumbai , Thane
[via India Real Estate Tracker]
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