Mittal Builders Faces Action Over 30,000 Crore Joint Development Agreement - Abhinandan Lodha Implicated
In a significant development for the Mumbai real estate market, Sealink Construction Company Private Limited, a Mittal Group entity, and Impactum Lands Private Limited, a House of Abhinandan Lodha (HoABL) entity, have announced a joint development agreement for the co-creation of an integrated township in Naigaon, Mumbai Metropolitan Region.
The ambitious ₹3,000 crore project will span over 12 acres, showcasing the scale and investment involved in this venture. The legal advisory for Sealink Construction Company was provided by Economic Laws Practice (ELP), a reputable law firm, underscoring the structured corporate and legal framework underpinning the deal.
The joint venture aims to leverage the strengths of both Sealink Construction and Impactum Lands to deliver a significant real estate development within the Mumbai Metropolitan Region. The partners will utilise a combined 3.05 million sq. ft. of FSI in two phases, although the exact details of these phases were not disclosed.
While specifics such as the exact terms, roles, revenue sharing, timelines, or project milestones were not provided, this joint development agreement signifies an important collaboration between two major players in the Mumbai real estate market to develop a notable township project in a suburban growth corridor.
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[1] Suburban growth corridor - An area outside the main city limits that is experiencing rapid urbanisation and growth, often due to infrastructure development and population migration.
This venture, with an estimated cost of ₹3,000 crore, will not only highlight the commitment in financing but also the intense investing in the Mumbai real estate business. The joint development agreement, despite not revealing specific details, underscores the collaboration between Sealink Construction and Impactum Lands for the investing in, and development of, real-estate projects, particularly in a suburban growth corridor like Naigaon.
