Mumbai: Real estate player DB Realty Limited signed a joint development agreement with Pune based-Avinash Bhosale Group (ABIL) for Bandra East MIG project.
Prior to this development, DB Realty had entered into a joint development agreement with Godrej, which was called off due to differences over payment terms and conditions. Both the companies involved will form a 50:50 partnership wherein ABIL is set to pay DB Realty Rs 300 crore for its share. However, initial payments have already been made.
The deal is likely to close by the end of November 2014 with total saleable area being 1.2 metre square feet, sources tell CNBC-TV18. Meanwhile, ABIL along with Mumbai based - Radius Developers will develop and sell the property.
In 2010, DB Realty also received Bandra re-development project from MHADA. However, when contacted, DB Realty said there is no truth in this speculation.