Balgopal Commercial Secures Rs 200 Cr Mumbai Redevelopment Deal
By Varun Mittal
Dreamax Realtors, a subsidiary of Balgopal Commercial, wins a Rs 200 crore redevelopment project in Jogeshwari (West), Mumbai, expanding its real estate footprint.
Balgopal Commercial Unit Lands Rs 200 Crore Redevelopment Project
Balgopal Commercial Limited’s subsidiary, Dreamax Realtors, has secured a substantial redevelopment project valued at approximately Rs 200 crores. This significant order was awarded by the Oshiwara Gokul Co-operative Housing Society Limited.
Project Details and Scope
The project involves the comprehensive redevelopment of a 2,531.62 square meter land parcel located in Jogeshwari (West), Mumbai. Dreamax Realtors formalized this through a Supplemental Development Agreement, updating a prior agreement from June 15, 2011.
- Estimated Gross Merchandise Value (GMV): Rs 200 crores
- Location: Adarsh Nagar, New Link Road, Oshiwara, Jogeshwari (West), Mumbai
- Anticipated Free Sale Component: Approximately 51,086 square feet, subject to Greater Mumbai’s Development Control & Promotion Regulations, 2034
- Expected Completion: 42 months, plus a 6-month grace period from Commencement Certificate receipt or Handover Date.
Compliance and Transparency
The order was granted by a domestic entity and is free from any related party transactions. Balgopal Commercial Limited has confirmed that neither its promoter group nor any group companies hold an interest in the entity that awarded this project.
This disclosure was made to BSE Limited in accordance with Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, and signed by Ankit Ladha, Company Secretary & Compliance Officer.