Valor Estate Limited informed that the Company has received a Letter of Acceptance dated 11th October, 2024 from the Municipal Corporation of Greater Mumbai (MCGM) for construction, completion and handing over of about 13,374 affordable housing tenements under the Project-Affected Persons (PAP) Scheme on the Company's land situated at Malad East, Mumbai, details of which are attached as Annexure hereto. Construction, completion and handing over of about 13,374 affordable housing tenements under the Project-Affected Persons (PAP) Scheme. This letter of acceptance received through MCGM's 2023 competitive bidding process, pertains to Zone IV (Mumbai).
The comprehensive terms and conditions will be outlined in the definitive documents. Nature of order(s) /contract(s); Construction, completion and handing over of about 13,374 affordable housing Units for MCGM under the PAP Scheme. To be completed within 60 months from the issuance of the Commencement Certificate (CC).
Broad consideration or size of the order(s)/contract(s); Development of Urban Resettlement and Housing Project in Zone IV, comprising of about 13,374 affordable housing tenements for persons covered under the PAP Scheme, with compensation to the Company in the form of Transferable Development Rights (TDRs) and credit notes.
