Mumbai: DB Realtyf Limited has received a Letter of Intent (LoI) from the government of Maharashtra to develop Sector J of the government colony at Bandra (East) in Mumbai which measures approximately 57 acres. The company will be developing approximately 8 million sqft over the next five years.
The Bandra Government Colony is located in the heart of Mumbai and is considered an extension of the Bandra-Kurla Complex. The site derives access from the main Western Express Highway and is arguably the single largest parcel of land available for development in Bandra.
The state government selected DB Realty, Pune-based Kakade Group and Ackruti City in 2009 from bids to execute the lucrative project estimated to cost Rs 2,400 crore. DB Realty, Kakade Group and Ackruti City will pump Rs 620 crore, Rs 160 crore and Rs 420 crore respectively into the project and also pay an equal amount upfront to the government.
The LoI for the rest two is yet to follow. Located in sprawling green enclave, the 250-odd three-storey government residential quarters was built over 40 years ago. “We are yet to sort out the nitty gritty like the floor space index (FSI). Our total cost of development including rehabilitation and marketing will be around Rs 8,600 per sqft,” said Jayesh Doshi, CFO, DB Realty. DB Realty plans to build a world-class enclave comprising of residential and commercial units.
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