D B Realty gets NCLT nod for JV resolution plan

D B Realty said that National Company Law Tribunal (NCLT) gave approval to Adani Goodhomes' resolution plan for Radius Estates, a JV partner of MIG (Bandra) Realtors & Builders, a subsidiary of the company.

MIG (Bandra) Realtors & Builders, a wholly owned subsidiary of D B Realty is holding development rights of the Project Ten BKC (X BKC), Kalanagar, Bandra East, Mumbai.

The project was being developed in joint venture with Radius Estates, which underwent corporate insolvency under the insolvency and bankruptcy code (IBC). Adani Goodhomes submitted a resolution plan in the course of the IBC process and MIG had provided its consent to the resolution plan.

In the meanwhile, as part of the arrangement, construction of the project re-commenced in January 2022 and the civil work of the slabs of 12 wings is 100% completed and the balance 3 wings is 95% completed. All RCC work is expected to be completed by end of next month.

The project is on track and the entire project is expected to be completed by June 2024, with a few months buffer. MIG (Bandra) Realtors & Builders has collected an amount of approximately Rs 100 crore from existing home owners and new sales in the last quarter. MIG has 3,72,572 square feet of unsold saleable area in the project.

DB Realty is engaged primarily in the business of real estate construction, development and other related activities.

The company's reported a consolidated net profit of Rs 565.80 crore in Q2 FY23 as compared to Rs 352.10 crore in Q2 FY22. Net sales jumped 15.5% year on year to Rs 10.16 crore in quarter 30 September 2022.

The scrip slipped 0.11% to currently trade at Rs 88.80 on the BSE.

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