Intimation under Regulation 30 of the SEBI (LODR) Regulations, 2015- corrigendum to Letter of Acceptance from Brihanmumbai Municipal Corporation (BMC)
DBREALTY · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Valor Estate (formerly DB Realty) has received a corrigendum from Brihanmumbai Municipal Corporation (BMC) to its original Letter of Acceptance dated 11 October 2024. The project involves developing about 13,374 affordable housing tenements under the PAP Scheme in Mumbai's Zone IV, with a Gross Development Value (GDV) of approximately Rs. 7,000 crores. The company holds a 75% economic interest in the project, which it describes as 'substantially revenue and profit accretive.' The corrigendum revises the per-tenement consideration upward from Rs. 32.2 lakh to Rs. 50.98 lakh (excluding GST), following a reclassification of the land's revenue zone and a revised ASR rate by the Inspector General of Registration. All other terms of the original Letter of Acceptance remain unchanged.
Positive for shareholders — the upward revision in per-tenement cost (a roughly 58% increase) significantly enhances the value of an already large government-backed project. The Rs. 7,000 crore GDV with 75% economic interest could materially boost the company's revenue and profits over the project's lifecycle.