Subsidiary of Balgopal Commercial Ltd Secures Redevelopment Award from SRA in Mumbai
M/s Esquire Real Estate & Bio-infocom Pvt. Ltd, a wholly owned subsidiary of Balgopal Commercial Ltd, has been awarded a Letter of Award by the Slum Rehabilitation Authority (SRA), Mumbai. The award pertains to the redevelopment of land located at Sion Kokari Agar, Shaikh Mistry Road, Antop Hill, Mumbai-400 037.The project involves land measuring 19,967.36 square meters. This approval represents a significant step toward the proposed development project for the company's subsidiary.
The entitlement of the free sale component from this venture is estimated to be approximately 5.87 Lakh square feet. The gross market value (GMV) related to this entitlement is estimated at Rs 1200 crores, subject to compliance with Development Control & Promotion Regulations for Greater Mumbai, 2034 and applicable law.
The acquisition of the SRA approval is stated as being in the ordinary course of business for the subsidiary and paves the way for further progress of the proposed development project. Completion of the project remains contingent upon adherence to all specified conditions and receipt of other requisite approvals from relevant authorities.
Stock Price Movement
Balgopal Commercial Ltd. settled at ₹156.00 in the post-market session on Friday, shedding 1.58% of its value. The shares moved through a volatile trading day, finding a range between an intraday low of ₹153.05 and a high of ₹170.00.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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