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 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 Good homes submitted a resolution plan in the course of the IBC process and MIG 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 of 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 month’s 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.
