D B Realty gallops on securing LoA for Mumbai project

11 Mar 2022 , 01:02 PM

The project pertains to construction of 4,000 tenements of carpet area size 27.88 meters on land bearing in Chandivali, Mumbai.

D B Realty will receive land and construction transfer of development rights (TDR) of 1.56 million square feet and premium per tenement at Rs 39.60 lakh, aggregating to Rs 1584 crore. This will be paid by the MCGM in the form of credit note subject to certain terms & conditions as prescribed in LoA.

Construction TDR and credit note will be released by MCGM on milestones basis as per the e-tender. This is a unique project which is expected to benefit from tax exemptions under the Income Tax Act, 1961.

Further, the company has also bid for construction of another 10,500 (approx) tenements at Malad for the MCGM and the company expects the MCGM to take a decision in respect of its bid soon.

On a consolidated basis, D B Realty reported net loss at Rs 36.34 crore in Q3 FY22 as against net profit of Rs 110.68 crore in Q3 FY21. Net sales fell 25.8% to Rs 8.03 crore in Q3 FY22 over Q3 FY21.

D B Realty is a real estate development and construction company.

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