Indian Hume Pipe Co Ltd (IHP) had earlier entered into a Development Agreement with Dosti Realty Ltd (DRL) for the Real estate project on the Company’s Hadapsar land in Pune. DRL had registered Phase-1 of the real estate project with MahaRERA.
IHP has now shared further details on the project:
- The development under RERA Phase -1 of the project consists of 3 residential towers (having 4 wings) and has a total RERA carpet area of 2,29,260.82 Sq ft. The Phase -1 completion date is 31.12.2027.
- The entire development under all phases of the project consists of 12 towers with an approximate total RERA carpet area of 10,51,389 Sq ft. (is subject to change based on the development control rules and market dynamics).
- Owing to the escalation in costs that have occurred in construction materials globally and other costs related to development premiums for this project there has been a change in the economics of the project for the Developer. However, at the same time owing to the latest development control rules in Maharashtra there is also an increase in the development potential of the project. Owing to these changes there has been a revision in the revenue sharing percentage wherein IHP will now be entitled to 38% of the entire shared revenue as consideration for sale of developed property in the project, as compared to 40% entitlement that was earlier agreed upon in the agreements signed. IHP will continue to be responsible for providing all FSI and TDR to the project as and when required.
- The Developer will place an additional Interest Free Security Deposit of Rs.5 Crores in agreed instalments with IHP based on specific events unfolding. The total Interest Free Security Deposit will be Rs.15 Crores (including what has already been placed).
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