Shapoorji Pallonji and Ariisto Developers to join hands for redeveloping Goregaon Project.

By Abhay Harish Shah , Realty Quarter

Mumbai’s well-known realtor Shapoorji Pallonji is at the final stage of talks with Ariisto Developers in order to set into a joint venture to develop a residential project of approximately 1 million square feet in the suburb of Mumbai city, Goregaon.

Currently, Ariisto Developers has completed the project on the reconstruction component of the slum and, is working now on the projects of the free-sale component through its partnership with Shapoorji Pallonji Real Estate.

Sources says, “Shapoorji Pallonji Real Estate is expected to pay approximately Rs 250 crore upfront to Ariisto as per terms and conditions of this deal”. Before this, the Mumbai bench of the National Company Law Tribunal (NCLT) had conceded and started insolvency procedures against an SPV i.e. special purpose vehicle of Ariisto Developers.

We have seen many big ventures that have collaborated with one another for rehabilitation projects. This is because the real estate industry has been affected a lot, and has many unsold units with them.  Further, there are many updated policies like demonetization, the implementation of the Real Estate (Regulation & Development) Act 2016, and the goods and services tax (GST). This all are the reasons, due to which developers are either collaborating with the biggest industrialist or are existing their current projects due to insufficient capital.

Previously, Ariisto Developers was known as Atithi Builders and has more than 15 underdeveloped projects spread all over Mumbai. All these projects are measured at around 32 million sq.ft in total.

The firm undertakes and executes the Transfer of Development Rights (TDR) making projects under regulation 339(10) of the Development Control Regulations for Greater Mumbai in regards to slum rehabilitation.

Shapoorji Pallonji had launched its premium residential project in December 2018 near Gurugram which is close to the capital city Delhi. This is the most premium project which offers world-class living experience.