Progress on Real Estate Business of Emerald Leisures Limited
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Emerald Leisures is updating investors on its real estate business, which is focused on redeveloping a company-owned plot at Swastik Park, Chembur, Mumbai. The company has successfully acquired the adjoining Plot 366/5 (including the building) from MENA Co-op Housing Society, and the property has been transferred in the company's name. A common development plan has been prepared for the amalgamated Plots 366/5 and 366/6, with applications submitted to authorities for necessary permissions. Based on architects' feasibility reports, the combined plots are expected to generate approximately 25,000–28,000 sq.mt. of saleable FSI. The company expects to obtain remaining permissions and complete financial closure in Q2 and Q3 of FY 2025-26, with construction work to commence immediately thereafter.
This is a progress update with no immediate effect on revenue or earnings. Future redevelopment could unlock significant real estate value over the medium term, but shareholders should note that approvals and financial closure are still pending, with actual construction unlikely before late FY 2025-26.