Realty developer Lodha’s listed company Macrotech Developers has entered into an agreement with Havemore Realty to develop the free-sale component of a 1.4-million-sq-ft Mumbai project in which HDFC was an investor.
HDFC that has merged with HDFC Bank will get a certain built-up area as part of repayment of its investment made earlier.
As per the terms of the agreement, Macrotech Developers will be responsible for development of a mixed-use project in Andheri , while Havemore Realty is expected to secure approvals in addition to completing the rehabilitation part of the project. HDFC was the financial investor in the development that was being undertaken by Havemore Realty as a slum rehabilitation project. The pact with Macrotech Developers was concluded prior to the merger of HDFC Bank and HDFC.
Macrotech developers will get access to a total base area of nearly 2.50 lakh sq ft for the development. The company has paid a stamp duty of Rs 7.83 crore for the registration of the deal that took place in May, showed the documents accessed through Matrix.Read more....