Please find enclosed intimation under Regulation 30.
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Awaiting price reaction for this filing.
Shah Construction Company has signed a Development Management Agreement with Sheth Homes Private Limited to develop the company's property located in Andheri. Under the deal, Sheth Homes will act as the development manager responsible for planning, design, construction, development, marketing, and branding of a proposed real estate project at the Andheri site, and will receive a development management fee for its services. The agreement is subject to necessary approvals and consents from the relevant authorities. Shah Construction holds no equity in Sheth Homes, the two parties are not related to the promoter or promoter group, and there is no related-party transaction involved. No specific financial numbers, project size, or timeline were disclosed, and the company noted the intimation was filed late due to an inadvertent oversight.
The tie-up with an established Mumbai developer like Sheth Homes signals a step towards monetising Shah Construction's Andheri land parcel, which could be value-accretive if the project moves ahead successfully. However, with no financial terms, project scale, or timeline shared, near-term stock impact is likely to be limited and the market will watch for further updates on approvals and project details.