 "India's real estate sector, significantly buoyed by a robust economy, has emerged as a pivotal player in the country's development. With an 18 per cent share in national employment, real estate is the largest employment generator after agriculture. C")
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Realty firm Prestige Estates Projects Ltd has partnered with Valor Group to develop an office complex worth Rs 4,500 crore in Mumbai.
In a regulatory filing on Thursday, Prestige Estates said that it has entered into a framework agreement with Valor Estate Ltd and its wholly owned subsidiaries for jointly developing a project on lands admeasuring in the aggregate 21,978.22 square metres at Andheri West, Mumbai.
The project entails a total leasable area of 1.5 million sq ft and a Gross Development Value (GDV) of about Rs 4,500 crore.
Both Prestige Estates and Valor will have a 50 per cent economic interest in the project.
"The company and Valor Group shall jointly develop approximately 1.50 million sq. ft. leasable area commercial office complex on a 50:50 joint venture basis," Prestige Estates said.
The company will infuse Rs 504 crore into the SPV (special purpose vehicle), which will be established to develop this project.
Bengaluru-based Prestige Estates is one of the leading real estate developers in the country.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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