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- Published: July 21, 2023 22:06
New Delhi: Realty major DLF Ltd has unveiled its plans to re-enter the Mumbai real estate market through a strategic joint venture (JV) agreement with Trident Buildtech. According to the agreement, DLF Home Developers Limited’s (DHDL) wholly-owned subsidiary, Pegeen Builders & Developers, will take part in the venture.
As part of the deal, Pegeen Builders & Developers Private Limited will allocate 9,800 equity shares of Rs 10 each at par to Trident Buildtech, a Delhi-based realty firm. The primary focus of the partnership will be to develop the first phase of the Slum Rehabilitation Project in Andheri (W), Mumbai. Notably, Trident’s wholly-owned subsidiary, Sahyog Homes Limited (SHL), is currently overseeing the project’s development.
DLF Limited, in its stock exchange filing, revealed that after the allotment, DHDL would hold a controlling 51 percent equity share capital of Pegeen. The Securities Subscription and Shareholders’ Agreement executed between DHDL and Pegeen paved the way for this significant move in the real estate market. The expected completion date for the sale/disposal is August 31, 2023.
DLF’s financial performance remains strong, reporting a consolidated net profit of Rs 526.11 crore for the quarter ending June 2023. This figure represents an increase from Rs 469.21 crore during the same quarter last year, surpassing analysts’ estimates. The total income for the April-June quarter also experienced a marginal increase, reaching Rs 1,521.71 crore compared to Rs 1,516.28 crore in the corresponding period last year.
Following the announcement, shares of DLF Limited concluded the day at Rs 501 apiece on the BSE, marking a slight decrease of 0.72 percent. Throughout the trading session, the stock reached a low of Rs 496.20 apiece and a high of Rs 505 apiece on July 21.
DLF’s return to the Mumbai real estate market through this collaboration with Trident Buildtech signifies a strategic move for the company. As the venture progresses, stakeholders and investors keenly await the developments in this exciting partnership, aiming to make a significant impact on the region’s real estate landscape.
