Anant Raj Limited Enters Supplementary Agreement with Destination Properties Private Limited
Anant Raj Limited has finalized a Supplementary Agreement modifying the terms of an existing collaboration arrangement with Destination Properties Private Limited. This agreement pertains to the development of a residential group housing project located in Gurugram, Haryana.The supplementary agreement modifies the initial collaboration arrangement that was dated November 26, 2021.
The project is slated for development as a Group Housing Project over an aggregated land parcel measuring approximately 5.0875 acres. Of this total area, Destination Properties Private Limited is contributing 2.25 acres.
Key provisions outlined in the new agreement include the following significant terms:
- The project monetization will operate under a revenue-sharing model.
- Exclusive development, marketing, and sales rights are vested with Anant Raj Limited.
- Revenue sharing is mandated to occur on a periodic basis from project collections through a RERA compliant mechanism.
- The agreement includes provisions for post-completion reconciliation and the sharing of any unsold inventory.
- Destination Properties Private Limited will reimburse Anant Raj Limited for the cost incurred in purchasing Transferable Development Right (TDR).
- The project remains subject to applicable regulatory approvals, including RERA Registration and local development regulations.
Details regarding the parties and the transaction are presented below:
| Particulars | Details |
|---|---|
| Name(s) of parties | Destination Properties Private Limited |
| Purpose of agreement | Supplementary Agreement modifying an existing collaboration arrangement dated November 26, 2021, for development of residential group housing project. |
| Size of the Agreement | Project to be developed as a Group Housing Project over aggregated land parcel of approx. 5.0875 acres. Out of which 2.25 acres is contributed by Destination Properties Private Limited. |
The agreement confirms that the parties are not related to the promoter or promoter group in any manner. Furthermore, the transaction has been noted as not falling under related party transactions.
In modification of previous terms, where Destination Properties Private Limited was previously entitled to receive a share of the developed area in the project in lieu of development rights, the arrangement has been changed. Under the new terms, Destination Properties Private Limited will now be entitled to 17.69% of the total project revenue.
ANANTRAJ Stock Price Movement
Shares of Anant Raj Limited are edging higher to ₹487 as of 9:16 AM today, climbing 0.37% in live trading. The stock sees considerable momentum, supported by a total traded volume of 2.22 million shares.Source:
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