W.S. Industries to develop senior living project in Chennai
W. S. Industries (India) Ltd announced that its Board of Directors has approved entering into a Binding Tripartite Term Sheet to develop a senior living/care residential project in Poonamallee, Chennai. The company will act as the Developer, partnering with SIXP Realty Private Limited (Landowner) and Bharathi & Associates Asset Building Private Limited (Marketing Co-Developer). The project will be developed on approximately 4.00 acres, with an indicative built-up area of 5,66,280 sq. ft. W.S. Industries will receive a fixed return of 7.5% of the project's topline. The company also received approval to raise working capital facilities for the project, potentially secured against the project land and other assets.
Key Highlights
- Board approves development of senior living project in Chennai.
- Company to act as Developer in tripartite agreement.
- Project to be developed on 4.00 acres with 5,66,280 sq. ft. built-up area.
- Developer entitled to 7.5% fixed return on project topline.
- Approval granted to raise working capital for project development.
Price Impact
More from WSIND