DB Realty Secures MCGM Contract to Build 13,374 Affordable Homes in Mumbai

14 Oct 2024 , 11:14 AM

DB Realty Ltd, based in Mumbai, announced on October 11 that it has received a Letter of Acceptance from the Municipal Corporation of Greater Mumbai (MCGM) for the construction of approximately 13,374 affordable housing tenements under the Project-Affected Persons (PAP) Scheme.

The company confirmed the acceptance letter, dated October 11, 2024, regarding the project located on its land in Malad East, Mumbai.

This contract was awarded through MCGM’s competitive bidding process and specifically pertains to Zone IV in Mumbai, focusing on the Malad East area.

The project aims to provide essential housing solutions for individuals affected by urban development activities, contributing to the broader objective of improving urban resettlement efforts.

Under the agreement, DB Realty is responsible for the construction and completion of the housing units, with a stipulated completion timeline of 60 months from the issuance of the Commencement Certificate (CC).

The financial arrangement for this contract will revolve around urban resettlement and housing developments, with DB Realty receiving compensation through Transferable Development Rights (TDRs) and credit notes, ensuring a structured approach to financing the project.