DB Realty is in talks Piramal Realty to sell 2.2 acres plot in Mumbai

Q: is there any specific reason for the deal? Can anybody tell me something bout this deal?

Ketalpujara, Mumbai

10th June 2015

Real estate News in Mumbai

db realty

db group

piramal realty

industrial finance corporation

finance corporation of india

ifci

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Replies (4)

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rahul soni, Mumbai

25th June 2015

Comment

Right Mritunjoy,
Late last year the group's hospitality arm had started talking with another Mumbai based developers, Sheth Creators for an agreement to jointly develop a high-end sea-facing sea facing residential project on the same plot. But these talks did not lead to any transaction.

Surinder,

10th June 2015

Comment

Hi Surinder,
It is also heard that the Piramal Realty will execute, brand and market the project, according to the proposed deal, while DB Group will be responsible for approvals from the civic authority. is it right?

sonyarai,

10th June 2015

Hmm,
Piramal Realty is currently doing the due diligence for the deal and the talks are at an advance stage. The proposed deal comes after DB Group's decision to scrap its plan to develop India's tallest 126-storey, five-star luxury hotel on the plot that oversees the Arabian Sea.

sonyarai,

10th June 2015

Comment

Right Sonya,
At the beginning, the group had proposed the project under the name of Park Hyatt Tower in 2008. In 2005, they acquired the plot located close to SK Patil Udyan at South Mumbai's Charni Road in from Suresh Estates.

Mritunjoy Deb,

10th June 2015

Are you talking about the 718-metre skyscraper which construction work was started in 2010 after it had got approvals from the civic authority? But the project was put on hold why? It means the company will have to seek fresh approvals, including building plan and the payment of consideration will be linked to securing these sanctions.

sonyarai,

10th June 2015

Yes, Sonya......
I think this is the company's first such transaction involving DB Group after its alleged involvement in 2G telecom spectrum scam in 2011. The developer has been looking to tie up with other developers to further some of its projects such as MIG Colony redevelopment in Bandra suburb of Mumbai for the past few years.

Mritunjoy Deb,

10th June 2015

rahul soni, Mumbai

25th June 2015

Yes, it is heard that the deal is for acquiring a prime sea-facing land at Marine Linesin South Mumbai for over Rs. 1000 crore. The Piramal Realty is also expected to give DB Group 20% of the built-up space on the property.

Mritunjoy Deb,

10th June 2015

Comment

Do you know Mritunjoy? Under the proposed agreement, Piramal Realty will pay About Rs. 60 core as refundable deposit to DB Hospitality as initial consideration. And within 2 years of this initial payment, DB group is expected to secure permission for the proposed project plans and this will be treated as trigger for payment of the balance over the next few years.

Amreesh Murugan,

10th June 2015