D B Realty Limited updates on Project Ten BKC

MIG (Bandra) Realtors & Builders Pvt. Ltd ("MIG"), a wholly owned subsidiary of D B Realty Limited is holding development rights of the above project. The Project was being developed in joint venture with Radius Estates Private Limited ("REDPL"), which underwent corporate insolvency under the Insolvency and Bankruptcy Code (IBC).

Adani Goodhomes Pvt. Ltd. submitted a Resolution Plan in the course of the IBC process. MIG has provided its consent to the Resolution Plan. The Resolution Plan was approved by more than 83% of the Committee of Creditors of REDPL and, today it has been approved by the Hon'ble National Company Law Tribunal.

In the meanwhile, as part of the arrangement, construction of the Project re-commenced in January 2022 and the civil work of the slabs of 12 wings is 100% completed and the balance 3 wings is 95% completed. All RCC work is expected to be completed by end of next month.

The Project is on track to welcome more than 300 home owners including all the society members by Diwali 2023 and complete the entire Project by June 2024, with a few months buffer.

MIG (Bandra) Realtors & Builders Pvt. Ltd. has collected an amount of approx. INR 100 Cr. from existing home owners and new sales in the last quarter. MIG has 372572 sq. ft. of unsold saleable area in the project.

Shares of D B Realty Limited was last trading in BSE at Rs. 88.90 as compared to the previous close of Rs. 88.60. The total number of shares traded during the day was 23525 in over 564 trades.

The stock hit an intraday high of Rs. 90.60 and intraday low of 88.10. The net turnover during the day was Rs. 2097197.00.

Source : Equity Bulls

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