General Disclosure pertaining to inform that M/s. Farewell Real Estate Private Limited- subsidiary of the Company has received its First tranche of Rs. 45 Crore and allotted 4,500 Optionally ....
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B-Right Realestate's subsidiary, Farewell Real Estate Pvt Ltd, has received the first tranche of Rs 45 crore by allotting 4,500 Optionally Convertible Debentures (OCDs) of Rs 1 lakh each to M/s Yogi Limited, a new investment partner. The funds will be used entirely for developing the Veer Sambhaji Nagar Co-Operative Housing Society project under the Slum Rehabilitation (SRA) scheme at LBS Marg, Mulund West, Mumbai, with a total land area of about 18,272 sq. mtrs. The project includes a slum rehabilitation component of 57,000 sq. mtrs. and a free-sale component of 84,645 sq. mtrs. Management expects construction to begin within 6–9 months and estimates the project's Gross Development Value at around Rs 2,000 crore. The transaction remains subject to necessary approvals.
This fresh Rs 45 crore funding from a new investor gives the company capital to kick off a large Mumbai slum redevelopment project, with management estimating Rs 2,000 crore in potential revenue once launched, which is positive for long-term growth but execution and approval risks remain.