Indian Hume Pipe Company Ltd (the Company) has on 21st May, 2023 executed Agreement for Development with Kalpataru Limited, (the Developer) for Sharing revenue from development of the Company’s freehold land measuring 59,784.29 sq. mtrs equivalent to 6,43,518.09 sq. ft. approximately, situated at Vadgaon in Pune city.
This development will primarily be residential towers including amenities subject to the obtaining of applicable approvals and permissions to be obtained by the Developer. The Company will be responsible for all costs related to providing FSI and conversion of land from industrial to residential use.
The Company had signed MOU dated 10th September, 2018 with M/s Kalpataru Gardens Pvt. Ltd., a Kalpataru group Company. The Company’s share of shared revenue is re-negotiated to 32.50% instead of 34% and correspondingly the share of the Developer is 67.50% instead of 66% of the shared revenue. This was necessitated due to abnormal increase in development costs, change in development rules and enhancement in the size of the project, from the time of signing of the MOU.
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