Balgopal Commercial Ltd Subsidiary Signs Supplemental Development Agreement for Mumbai Redevelopment Project
Balgopal Commercial Limited (BCL) has seen its subsidiary, Dreamax Realtors (formerly M/s Lotus Realtors), enter into a Supplemental Development Agreement (SDA) with Oshiwara Gokul Co-Operative Housing Society Limited. The agreement pertains to the comprehensive redevelopment of the Society's land in Mumbai.The partnership firm, which is a subsidiary of BCL, will undertake the entire redevelopment project for the housing society. This SDA serves to revise and update a prior registered Development Agreement that was first dated June 15, 2011.
The project involves the land situated at Oshiwara Gokul CHSL., Adarsh Nagar, New Link Road, Oshiwara, Jogeshwari (W), Mumbai - 400 102, which measures 2,531.62 sq. meters. The Company's entitlement of free sale component from this project is estimated to be around 51,086 square feet, subject to applicable law and Development Control & Promotion Regulations for Greater Mumbai, 2034.
The total consideration or size of the contract is noted as approximately GMVRs200 crores. The completion timeline stipulated in the agreement requires execution within 42 months, plus a 6-month grace period from the receipt of either the Commencement Certificate (C.C.) or Handover Date, whichever occurs later.
The transaction details are summarized below:
| Particulars | Details |
|---|---|
| Entity Awarding Contract | Oshiwara Gokul Co-operative Housing Society Limited |
| Nature of Contract | Supplemental Development Agreement (SDA) revising a prior registered Development Agreement dated June 15, 2011. |
| Project Scope | Comprehensive redevelopment of the Society's land in Oshiwara, Jogeshwari (W), Mumbai - 400 102. |
| Company Entitlement | Estimated at around 51,086 square feet. |
| Contract Value | Approximately GMVRs200 crores. |
| Execution Timeline | Completion within 42 months plus a 6-month grace period from the receipt of the Commencement Certificate or Handover Date (whichever is later). |
The agreement involves domestic entities, and there are no noted interests held by the promoter group in the awarding entity, nor does the contract fall under related party transactions.
Stock Price Movement
Balgopal Commercial Ltd settled at ₹156.00 on Friday's trading, declining by 1.58%. Throughout the day, shares traded widely within a range that saw a high of ₹170.00 and a low of ₹153.05.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.
Any views, opinions, or statements expressed, where applicable, are those of the respective analysts or experts and do not reflect the views of this website. The website has no association with such viewpoints and does not assume any responsibility for them.