Premier in pact to develop 150-acre in Mumbai suburb
As per the deal, Premier has received R220 crore as part consideration for this transaction, it said in a BSE filing on Wednesday. In addition, the company will also receive built-up flats aggregating to 5 lakh square feet in the said project, with an option to swap this area for a cash payout, if it decides so, in the next two years.
Sources in Premier told FE, the flats will not be for captive consumption by Premier, nor is it looking to sell them on its own in the market. So, in all probability, it would opt for a cash payout, depending on the prices two years from now.
The land parcel sold to Runwal is part of Premier’s 218 acre land in Dombivali. Sources in Premier said the remaining 68 acre land will continue to be with the company and it will look at capitalising it at a later date.
Speaking to FE, Sandeep Runwal, director of Runwal Group, said: “We are looking at a township development which will have all components of integrated development.” Runwal did not give more details of the development, saying it was too early to comment.
According to industry experts, Dombivali has an oversupply situation at
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