Nila Infrastructures Limited receives LoA from Gujarat Housing Board

Nila Infrastructures Limited has received Letter of Acceptance from Gujarat Housing Board for construction and redevelopment of affordable housing.

The project awarded to the Joint Venture wherein the Company has 63% share and Nishant Construction Pvt. Ltd. has 37% share, is for the redevelopment work of Integrated Group Housing Facility.

The project envisages construction of 1992 Economic Weaker Section (EWS) affordable housing units comprising of 900 EWS Rishikesh Khokhra + 588 EWS Dhiraj Khokhra + 312 EWS Dhiraj Khokhra + 192 EWS Dhiraj Khokhra - Ahmedabadfor total development cost of almost INR 287.50 Crore.

The project shall be on PPP basis whereby the Company shall receive 63% share of transferable development rights (TDR) of total aggregate value of INR 287.50 Crore and sale realization of additionally constructed 4690 housing units and 40463 Sq. mt. of Commercial areas consideration.

The project was bidded jointly by the Company and M/s Nishant Construction Pvt. Ltd. as per the Joint Bidding Agreement.

Shares of Nila Infrastructures Limited was last trading in BSE at Rs. 11.99 as compared to the previous close of Rs. 12.39. The total number of shares traded during the day was 76093 in over 209 trades.

The stock hit an intraday high of Rs. 12.30 and intraday low of 11.78. The net turnover during the day was Rs. 903481.00.

Source : Equity Bulls

Keywords

NilaInfrastructures INE937C01029 LoA GujaratHousingBoard AffordableHousing Redevelopment