Indian Hume Pipe, known for its involvement in infrastructure sectors such as water supply, irrigation, drainage, power generation and rail transport, has entered into a collaboration with Birla Estates to undertake a residential project in Badarpur, Delhi. The development agreement between the two companies was signed on Tuesday.
Spanning approximately 6.796 acres of freehold land, the development project aims to primarily offer modern residential group housing apartments, complemented by amenities and a retail area. The project, subject to requisite approvals and permissions, will be developed, constructed, marketed and sold by Birla Estates.
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The revenue generated from the project’s sale will be shared in an agreed ratio, with 36.50 per cent going to Indian Hume Pipe co. and 63.50 per cent to Birla Estates. The latter will also shoulder the construction and marketing costs, along with expenses for certain sanctions and approvals. Indian Hume Pipe will cover the cost of converting the land from industrial to residential use. The company’s share price went up by 1.53 per cent to ₹235.90 at 03:05 pm on BSE.