MoU8 Nov 2024, 05:22 pm
Mahindra Lifespace Developers Executes Joint Development Agreement with GKW Limited for Mixed-Use Project in Mumbai
AI Summary
Mahindra Lifespace Developers Limited, through its wholly owned subsidiary Anthurium Developers Limited (ADL), has executed a Joint Development Agreement (JDA) with GKW Limited for jointly developing a mixed-use residential and commercial/retail project in Kanjur, Bhandup West, Mumbai. The project land, admeasuring approximately 36.87 acres (1,49,239.70 sq. meters), is expected to have a Total Net Carpet area of 3,63,195.10 square meters. As per the JDA, ADL's net revenue share would be 70.5% and the Owner’s net revenue share would be 29.5%, subject to milestone achievements. This transaction is not a related party transaction.
Key Highlights
- Mahindra Lifespace Developers Limited and GKW Limited entered into a Joint Development Agreement for a mixed-use project in Mumbai.
- The project land is approximately 36.87 acres (1,49,239.70 sq. meters) with a Total Net Carpet area of 3,63,195.10 square meters.
- ADL's net revenue share is 70.5% and the Owner’s net revenue share is 29.5%.
- The transaction is not a related party transaction.
- The entire construction and development of the Project Land will be completed in the manner set out in the JDA.