Nila Spaces Ltd

Nila Spaces Ltd

Nila Spaces Limited (Formerly known as Parmananday Superstructure Limited) is a latest enterprise of Ahmedabad headquartered Sambhaav Group. The Company was incorporated on 03 May 2000 in Ahmedabad Gujarat. The Company's primary area of operations includes construction and development of real estate projects for sale. The Group completed more than 10 million sq.ft. real estate projects. The Company has a land bank of over 18 acres (in-and around Ahmedabad); and holds the near future potential to develop 47 lakh sq.ft. Main focus is to develop Affordable Housing Schemes where the buyers get a chance to avail benefits under PMAY - Housing for All Mission. It offer Residential apartments in Premium Luxury and Signature categories. The Company proposes to provide end to end real estate development services by organizing the unorganized land and financial resources and develop residential projects mainly of affordable nature. The Company has made ?nancial arrangement with GRUH Finance Limited for project funding requirements.As of February 2019 Gujarat had a total installed led power generation capacity of 31579 megawatt ( MW). With a contribution of 65 to 70% to India's denim production Gujarat is the largest manufacturer of denim in the country and the third largest in the world. There are 42 ports 18 domestic airports and one international airport. There are 106 product clusters and 60 noti?ed Special Economic Zones (SEZs). Large scale investment is expected in Gujarat as part of the USD 9000 crore DMIC. During the year 2019 an undertaking comprising of Real Estate Activities was transferred by Nila Infrastructures Limited pursuant to scheme of demerger. The Company made allotment of equity shares to the shareholders of Nila Infrastructures Limited pursuant to the scheme and the shares were listed at the stock exchanges with effect from 28 December 2018.During the year 2018-19 pursuant to scheme of demerger; 79000 equity shares of Rs. 10/- each of the Company have been sub divided into 790000 equity share of Re.1/-.The Hon' ble National Company Law Tribunal Bench at Ahmedabad (NCLT) had vide its Order dated 09th May 2018 sanctioned the Scheme of Arrangement among Ni la Infrastructures Limited and the Company and their respective Shareholders and Creditors under Section 230 to 232 and other applicable provisions of the Companies Act 2013. The Scheme provided for demerger of the Real Estate Undertaking of Nila Infrastructures Limited and transfer the same to the Company with effect from the Appointed Date i.e. 1 April 2017. In terms of the scheme 15 June 2018 was determined as the Record Date to issue and allot 1 equity share of Re 1/- each of the Company for every 1 equity share of Re 1/- each held by such shareholder in Nila Infrastructures Ltd.Pursuant to the scheme of demerger as mentioned herein above; investment held in M/s Nila Projects LLP M/s Nilsan Realty LLP M/s Fangdi Land Developers LLP and securities held in M/s Mega City Cinemall Pvt. Ltd. by Nila Infrastructures Ltd. have been transferred to and vested into the Company and consequently all these entities have become subsidiary joint ventures associates etc. of the Company.