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| Exchange Disseminated Time 07/05/2016 17:55:57 | PVP Ventures Ltd has informed BSE that the Joint Development Agreement (JDA) executed with North Town Estates Private Limited (formed by its Consortium partners, M/s. Arihant Foundations and Housing Development Limited & M/s. Unitech Limited) i.e., 'the Developers' of the Perambur land, Chennai of the Company in the year 2008 (last amended in 2011) for development of residential township project on the 70 acres (approx.) land parcel situated in Perambur village, Chennai. The Company has negotiated^nd modified the terms and conditions of the JDA vide Amendment agreement whereby the Developer is releasing 20 acres undeveloped land to PVP Ventures Limited (PVPL).
By virtues of this understanding, PVPVL will have at its disposal 20 acres of land parcel which can be used for development either on its own or in collaboration with third parties or in any other manner as it deems fit.
The changes in the development agreement have been emerged in the wake of the slowdown in the real-estate market persist the realty industry for the past 3-5 years market. In view of the above, the Trading Window for dealing in the Securities of the Company is closed with effect from May 6, 2016 to May, 10, 2016 (both days inclusive).
In view of the above, the Trading Window for dealing in the Securities of the Company of the company by the Directors/ designated employees of the Company including their relatives is closed with effect from May 7, 2016 to May, 10, 2016 (both days inclusive). |
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