Bhagyanagar India signs land sale and joint development MOU
Bhagyanagar India Ltd has executed a Memorandum of Understanding (MOU) with M/s. Om Sree Builders and Developers LLP for the sale and joint development of its land parcel at IDA Uppal, Hyderabad. The transaction involves the outright sale of 7,260 square yards for Rs. 60 Crore and joint development of the remaining 12,820.52 square yards. Under the joint development agreement, Bhagyanagar India will receive 30% of the saleable area, estimated at 3 lac square feet. The definitive agreements are expected to be executed within six months, subject to shareholder approval. This move aims to monetize a non-operational asset.
Key Highlights
- MOU signed for land sale and joint development.
- Outright sale of 7,260 sq. yds. for ₹60 Crore.
- Joint development of 12,820.52 sq. yds. with 30% share for the company.
- Monetizes non-operational land asset.
- Shareholder approval required for definitive agreements.
Price Impact
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