By Accommodation Times News Services
MIG Bandra realtors & Builders Pvt ltd a subsidiary of DB Realty Ltd. is proposing to enter into joint venture agreement with Vishwaroop estates and developers a part of Radius Group, a Sanjay Chhabria venture for the development of MIG CHSL Group. Both parties would make investments to meet certain agreed cost lines and shares the free sale area in an agreed ration.
DB Realty today said it will form a joint venture with Radius group to develop a housing project in Mumbai with an estimated sales revenue of Rs 3,500 crore. both the parties would make investments to meet certain agreed cost lines and share the free sale area in the agreed ratio. The project will be co-branded,” DB Realty said in a BSE filing.
The company had entered into development agreement with MIG Co-operative Housing Society Ltd in October 2010 for the development of the land. As per the agreement, the Society had handed over the buildings to the company. The demolition of the buildings commenced on July 1 this year.