Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, is enclosed.
DCM · price
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Awaiting price reaction for this filing.
DCM Limited's board has approved issuing a notice of forfeiture and termination to M/s GCD Prime, the developer for a 68.35-acre land parcel in Hisar, Haryana, signed under a Joint Development Agreement (JDA) on August 11, 2022. The project was for an affordable residential plotted colony under the DDJAY policy, in which DCM was entitled to 55% of net sale revenue. The developer's license was suspended by Haryana Town and Country Planning in April 2023, and despite over two years of effort, the suspension was not revoked. DCM cited the developer's continuing breach of obligations as the reason for termination. Any amount paid by the developer to DCM will be forfeited after 15 days of receiving the notice, and DCM retains the right to claim damages for losses suffered.
The termination may free DCM to pursue alternative development options for its large Hisar land bank, potentially unlocking long-pending real estate value. However, the outcome is uncertain as the land has remained undeveloped for over two years due to the license suspension, and any recovery of damages from the developer may be a prolonged process.