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| Exchange Disseminated Time | With reference to the news item appeared in Economic Times captioned "Piramal Realty eyes Marine Lines Plot", in this regard, D B Realty Ltd has Clarified to BSE as under:
"Marine Drive Hospitality & Realty Pvt Ltd (Formerly D B Hospitality Pvt Ltd) is the owner of the property at Marine Lines and D B Realty Ltd has economic interests in the said Company,
D B group through its flagship Company, D B Realty Ltd and its subsidiaries, associates and joint ventures own properties and / or development rights of vast tracts of developable land and with a view to exploit the potential property development for the multiple projects in the city of Mumbai looks into several alternatives on a continuous basis and evaluates various options and opportunities. Any such discussions with any of the property consultants, potential partners/ developers / investors do not merit disclosures, until they reach an advanced stage worthy of such disclosure. No such progress or conclusion has been reached with any of the prospective developers / investors including with regard to the Marine Lines property, which is owned by Marine Drive Hospitality & Realty Pvt Ltd.
We, therefore deny the veracity of the news item. We assure you that keeping with the spirit of timely disclosure of any such proposed development activity, necessary disclosures shall be made to the Stock Exchanges as and when any negotiations materialise." |
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