Nila Spaces Limited has informed the Exchange about Intimation of Receipt of Approval of RERA Authority to the Residential Project
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Nila Spaces Limited has received approval from the Gujarat RERA Authority on 10 July 2025 for its residential project 'PRANA' located at GIFT City, Gandhinagar (plot 26-C). The project will be executed by its 90%-owned subsidiary, Nila Urban Living Private Limited. With this approval, the company is now permitted to commence commercial activities and marketing for the project. The RERA registration is valid until 31 December 2030. PRANA is positioned as a wellness-focused 'Power Living' community offering studios, 1 BHK, and 2 BHK units, with collaborations involving Interbrand, Blocher Partners, and Quintessentially.
This is a positive development as it removes a key regulatory hurdle and allows Nila Spaces to begin sales and marketing of a new premium residential project, potentially driving future revenue and bookings. For shareholders, it signals pipeline expansion in a high-growth micro-market (GIFT City) and unlocks monetisation of the subsidiary's development.