DB Realty to develop 29-storey residential tower in BKC

Real estate firm DB Realty on Thursday said it will develop a 29—storey residential tower in the suburban Mumbai in the Bandra Kurla Complex (BKC).

“MIG (Bandra) Realtors & Builders, a wholly—owned subsidiary of DB Realty, has undertaken development of land spread across 20,150 sq mt in the BKC,” the company said in a filing to the BSE.

The company had in October 2010 entered into an agreement with MIG Cooperative Housing Society for the development of the land.

DB Realty has so far invested Rs 340 crore in the project, which is expected to have a built up area of over 2.6 million sq ft, it said.

“The project has received height approval for construction of a 29—storey tower from the Airport Authority of India and after completion, the building is expected to be the tallest residential property in the BKC,” the company said.

It said it has already commenced demolition of the buildings after receiving all requisite approvals from the authorities concerned.

The Mumbai—based firm is expected to commence construction in October and will be completed in 39 months.

“With the emergence of BKC as the main central business district, this area has become the most sought after residential location in Mumbai with prices ranging between Rs 35,000 and Rs 55,000 per sq ft. This project is expected to accrue substantial revenues to the company over the next four years,” the company said.

In a separate filing to the exchange, the company said its joint venture firm Conwood DB, where DB Realty has a 90 per cent stake, has entered into an agreement with Man Vastucon to develop a residential project on 59,700 sq mt plot in Thane district.

“Under this agreement, Man Vastucon shall undertake the development of the property primarily for residential housing and share the gross realisations with Conwood DB in agreed ratio,” the company said.

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