In a joint venture chat for south Mumbai project by Sheth Creators, DB Group's hospitality arm

Q: DB Group's hospitality arm is in advanced talks with another Mumbai-based developer Sheth Creators for an agreement to jointly develop a high-end sea-facing residential project in South Mumbai.

Diwakar Shetty,

3rd December 2014

Real estate News in Mumbai

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sheth creators

south mumbai project

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high-end residential project

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Yor are right Ravindra,
And the developer had moved the Supreme Court claiming directions to the state government to allow a higher hotel floor space index (FSI) of 6.29 for the project. In December 2007, the court asked the state government to consider the developer's appeal.

The project cost for the hotel was then estimated to be over Rs 2500 crore. The hotel was to be operated by Hyatt Hotels and Resorts.

lekshmi.sanjeev@ymail.com, Delhi

4th December 2014

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Earlier DB Group had proposed the project, under the name of Park Hyatt Tower, in 2008. The construction work for the proposed 718-metre skyscraper had started after approvals from the local body in 2010.

But it was put on hold in 2011. With the project being regain, the company may have to need fresh approvals.

Ravindra Singh,

4th December 2014

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Do you know besides this project, DB Realty is also holding talks to enter into a joint venture for executing the Bandra MIG colony redevelopment.

The group had acquired the plot located close to SK Patil Udyan at south Mumbai's Charni Road in 2005 from Suresh Estates Pvt Ltd, another developer operating in south Mumbai.

Lekshmi,

3rd December 2014

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As per the latest news terms of the agreement have been finalised and the pact will be entered into in a few weeks. Under the terms, Sheth will undertake execution, arrange construction finance and pay premium to the civic authority for subsititute floor space index, while DB will be responsible for all approvals.

Ravindra Singh,

3rd December 2014

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Hi Ravindra,
Under terms of the proposed joint development agreement, DB Group will get 55% of the total area estimated to be about 7.5 lakhs sq-ft, while the rest will go to Sheth Creators. Sheth will pay around Rs 200 crore as an open refundable deposit to DB Hospitality, which has now been ready to give a new name to Marine Drive Hospitality & Realty.

Lekshmi,

3rd December 2014

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Hi,
The company had earlier throw away its plan to develop a 126-storey five star luxury hotel on the plot that oversees the Arabian Sea. But this time they made an agreement to jointly develop a high-end sea-facing residential project on a prime 2.2-acre land parcel at Marine Lines in south Mumbai.

Ravindra Singh,

3rd December 2014

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