DB realty, Radius to tie up for development

MIG (Bandra) Realtors & Builders, a subsidiary of DB Realty is looking to enter into a joint venture agreement with Vishwaroop Estates and Developers owned by sanjay chhabria radius developers’s Radius Group for a housing project in Bandra, Mumbai with estimated sales revenue of Rs 3,500 crore.

In this co-branded project, both the parties would make investments to meet certain agreed cost lines and share the free sale area in the agreed ratio, DB Realty said in a BSE filing.

“All approvals required at this stage have been received and the piling work has already begun. A formal launch of the project is scheduled in mid-November around Diwali,” the company said in the release.

The project will be developed on a land parcel spread across 5 acres, located in the Bandra Kurla Complex (BKC) area. The total built-up area of the project is likely to be over 2.4 million sq ft. Height approval for construction of a 29-storey tower has been sanctioned by the Airport Authority of India.