MCGM approves DB Realty’s partnership firm to build 4,000 apartments.

On March 11, D B Realty announced that its joint venture partner DBS Realty had received a letter of acceptance from the Municipal Corporation of Greater Mumbai (MCGM) to build 4,000 tenements.

“In response to the firm’s online e-offer/online e-tender, DBS Realty, a partnership firm in which D B Realty Ltd is a one-third partner, has received a Letter of Acceptance (LOA) from MCGM,” according to a regulatory filing.

The project entails the construction, completion, and handover of 4,000 tenements with a carpet area of 27.88 metres, as well as the transfer of land and completed tenements to MCGM, which will be built on land in Chandivali’s Zone-V village.

The partnership firm would receive 1.56 million square feet of construction TDR and a premium of Rs 39.60 lakh per tenement, for a total payment of Rs 1,584 crore in the form of a credit note from MCGM.

“According to the e-tender, MCGM will issue construction TDRs and credit notes on a milestone basis. This is a one-of-a-kind project that may be eligible for tax breaks under the Income Tax Act of 1961.” According to the paperwork.

According to D B Realty, awarding the LOA for the Chandivali project to its partnership firm would significantly boost the company’s future earnings.

Furthermore, the company has bid on the construction of an additional 10,500 (approximately) tenements in Malad for MCGM. It expects MCGM to make a decision on its bid soon.