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| Exchange Received Time 08/08/2018 17:18:27 Exchange Disseminated Time 08/08/2018 17:18:33 Time Taken 00:00:06 | Pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015 we have to inform you that the Board of Directors of the Company at their meeting held on 8th August, 2018 have approved the proposed Revenue Sharing transaction with the Developer - M/s. Kalpataru Gardens Pvt. Ltd., (a wholly owned subsidiary company of M/s. Kalpataru Ltd.) in respect of development and sale of the developed areas on the Company's land at Vadgaon, Pune. The land is admeasuring about 59,784.29 sq. mtrs. equivalent to 6,43,518.09 sq. ft. approximately and this proposed development will be of residential group housing apartments, complex, commercial / retail areas in terms of and consonance with the Development Control and Promotion Regulations for Pune Municipal Corporation (DCPR - 2017). The principal terms of the proposed development subject to the signing of Memorandum of Understanding between the Company and Kalpataru Gardens Pvt. Ltd., are as under:
- Company's share of Revenue is 34%.
- Developer's share of Revenue is 66%.
- FSI / DR / TDR is to be provided by the Company.
- The Company will bear the conversion charges from Industrial to
Residential use.
- Developer will bear and pay all construction, development, marketing and selling costs and other project related costs.
Formal Memorandum of Understanding will be signed in due course of time.
We will keep the Exchange informed about further material developments in this regard from time to time. |
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