In Mumbai, the well-known realtor Shapoorji Pallonji is at the final stage of talks with Ariisto Developers in order to set into a joint venture to develop a residential project of approximately 1 million square feet in Goregaon, the suburb of Mumbai city, said sources.
The Ariisto Developers has already constructed the rehabilitation portion of the slum project and now begun work on the project’s free-sale component through a partnership with Shapoorji Pallonji Real Estate.
One of the sources said that according to the terms and conditions of the deal, Shapoorji Pallonji is likely to pay nearly Rs. 250 crore to Ariisto.
Prior to this, the Mumbai bench of the National Company Law Tribunal (NCLT) had admitted and initiated insolvency proceedings against a SPV i.e. special purpose vehicle of Ariisto Developers.
After the introduction of reforms like demonetization, implementation of the Real Estate (Regulation & Development) Act, 2016 and the goods and services tax (GST) by the Union Government many real estate players are moving into joint venture to develop projects. Also, the entire scenario of the Indian property market has witnessed changed due to this.
The Ariisto Developers earlier known as Atithi Builders has over 15 under construction projects all over Mumbai and these projects measuring approximately 32 million sq. ft.
Also, this firm is the one amongst the developers who undertake and execute transfer of development rights (TDR)-generating projects under regulation 33(10) of the Development Control Regulations for Greater Mumbai in regard with slum rehabilitation.
In December 2018, Shapoorji Pallonji launched ColourInspiredLiving at Sector 102, Gurugram. This is a premium residential project and is designed to offer world-class living experience close to the national capital city Delhi.