DB Realty secures contract for 13,374 affordable housing units in Mumbai
“…we would like to inform you that the company has today received a Letter of Acceptance dated 11th October 2024 from the Municipal Corporation of Greater Mumbai (MCGM) for construction, completion and handing over of about 13,374 affordable housing tenements under the Project-Affected Persons (PAP) Scheme on the company’s land situated at Malad East, Mumbai,” according to a stock exchange filing.
Dated October 11, 2024, this contract comes through MCGM’s competitive bidding process and pertains to Zone IV in Mumbai, specifically targeting the Malad East area. The project is designed to provide essential housing solutions for individuals impacted by development activities, aligning with the broader goal of enhancing urban resettlement.
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Under the terms of the agreement, DB Realty will construct and complete the housing units, with a completion timeline set for 60 months from the issuance of the Commencement Certificate (CC).
The financial structure of the contract will be based on the development of urban resettlement and housing projects, with compensation to DB Realty provided in the form of Transferable Development Rights (TDRs) and credit notes.
Shares of DB Realty Ltd ended at ₹202.10, up by ₹10.10, or 5.26% on the BSE.
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