Standard Industries Transfers Development Rights of Stanrose Apartment Building
Standard Industries Limited completed the assignment and transfer of development rights for the freehold land and building of its Stanrose Apartment Building in Dadar West, Mumbai. The deal, executed on May 14, 2026, involves transferring the rights to Prabhadevi Developer Private Limited.The transfer concerns the land underlying the Stanrose Apartment Building, which is located at Kashinath Dhuru Marg, Chandrakant Dhuru Wadi, Dadar West, Mumbai- 400028.
According to the details of the agreement, the purpose of the transfer is the assignment and transfer of development rights in the land, which is admeasuring 1937.30 sq. mtrs.
Key Transaction Details
The agreement specifies both monetary and physical compensation for Standard Industries Limited.| Aspect | Detail |
|---|---|
| Developer Receiving Rights | Prabhadevi Developer Private Limited |
| Land Area | 1937.30 sq. mtrs. |
| Financial Consideration | Rs. 169,51,41,225/- (Rupees One Hundred and Sixty Nine Crore and Fifty One Lakhs Forty One Thousand Two Hundred Twenty Five only), payable in tranches. |
| Physical Compensation | Four residential flats admeasuring 25,774.61 sq. ft. area (per residential RERA carpet) on a bare shell basis, along with sixteen car parking spaces. |
Development Scope and Operational Terms
Under the agreement, Prabhadevi Developer Private Limited will hold the sole and exclusive right to carry out the development on the land. This includes the utilization of the entire permissible Floor Space Index (FSI) to construct residential flats or apartments on the site, establishing the 'Project'.The development process will be managed entirely by the developer, who will undertake all decisions related to the sale, advertising, and marketing of the Project. Standard Industries Limited has confirmed that it has already obtained all necessary approvals, permissions, sanctions, consents, and NOCs required for the Project.
The transaction was determined not to be a related party transaction, and the developer is not related to the promoter or group companies of Standard Industries Limited. Furthermore, the deal does not involve any issuance of shares or loan agreement between the parties.
SIL Stock Price Movement
Standard Industries Limited shares today slipped by 0.91% to settle at ₹16.13. The stock recorded a total traded volume of 18,663 shares today.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.
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