Suraj Estate Developers settles legal dispute in redevelopment project

Suraj Estate Developers has amicably settled a pending litigation with OLV & OLPS Society. It has also filed consent terms enabling the development of property bearing F.P.557 of TPS III, Mahim Division admeasuring 7,625.73 square meters of thereabouts.

As per the consent terms, the company agreed to pay to the landowner a consideration of ~Rs. 47 crore and additional flats to OLV & OLPS Society which admeasures ~3,300 square meters (~35,500 Sq. Ft). This leaves the company with built-up area of 10,813.63 square meters (~1,16,400 Sq. Ft.) including fungible FSI for sale amounting to a GDV of Rs 350 crore.

Alongside this, the Company won a bid for obtaining Development Rights of Land Component admeasuring 4,790.76 square meters (~51,500 Sq. Ft.) with Five existing Buildings thereon in the occupation of 108 tenants/occupants. The FSI to be consumed for rehousing the 108 existing tenants/occupants of the said Five Buildings is estimated to be 6,688.90 square meters (~72,000 Sq. Ft.) and after handing over surplus area to MHADA, the balance built-up area for sale available to the Company is estimated to be a minimum of 6,467.52 square meters (~70,000 Sq. Ft.) with a GDV of ~Rs 225 crore.

Powered by Capital Market - Live News