Nila Spaces Limited has informed the Exchange about Press Release
NILASPACES · price
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Nila Spaces Limited announced that its wholly owned subsidiary, Nila Urban Living Private Limited, has awarded a ₹129.25 crore construction contract to Riveria Infrastructures Private Limited for a premium residential project at GIFT City. The project is being built on a prime SEZ plot for which the company secured development rights last year at a record ₹6,557 per sq ft — the most expensive land parcel in absolute terms in Gujarat. The contract covers core and shell construction of the residential towers, with a 27-month completion timeline from commencement. The company described this as a milestone in its 'Power Living' vision focused on wellness-oriented urban environments. The filing confirmed the transaction is not a related party transaction.
This is a positive development for shareholders, as it represents the formal kickoff of construction on a high-value, premium project that could drive future revenue recognition over the next 27 months. The substantial contract size (~₹129 cr) signals meaningful project pipeline execution, though investors should watch for timely progress given the 27-month timeline and the high-cost land acquisition.