DLF and Trident Buildtech have signed a joint venture (JV) agreement to re-enter the Mumbai real estate market. Pegeen Builders & Developers , a subscriber of DLF, will give Trident 9800 equity shares as part of the agreement. The JV seeks to partner on a project in Andheri (W), Mumbai to rehabilitate slums and improve the living conditions of slum dwellers. DLF's strategic move to increase its presence in Mumbai's dynamic real estate sector and support urban development in the city is marked by the move. The project's completion date is set for August 31, 2023.
DLF, India's renowned real estate developer, has recently entered into a significant joint venture (JV) agreement with Trident Buildtech, marking its re-entry into the thriving real estate market of Mumbai. The deal comes as DLF's wholly-owned subsidiary, DLF Home Developers Limited (DHDL), through its subsidiary Pegeen Builders & Developers, has agreed to allot 9,800 equity shares at par to Trident Buildtech, a Delhi-based realty firm.
The JV aims to collaborate on a development agreement with Sahyog Homes, a wholly-owned subsidiary of Trident, for the first phase of the Slum Rehabilitation Project in Andheri (W), Mumbai. Trident is currently overseeing the development of this project, and with the entry of DLF through its subsidiary Pegeen, the venture is expected to gain more momentum and expertise.
According to a stock exchange filing, DLF Home Developers Limited (DHDL) has executed a Securities Subscription and Shareholders' Agreement, which will result in Pegeen Builders & Developers Private Limited (Pegeen) allotting 9,800 equity shares with a face value of Rs 10 each to Trident Buildtech. Following the allotment, DHDL will hold a majority 51 percent equity share capital of Pegeen.
The move comes as a strategic step for DLF to expand its presence in the Mumbai market, which is known for its dynamic real estate sector. Mumbai has consistently attracted significant investments in the realty domain, and DLF's re-entry into this market signals its intention to tap into the city's growth potential and offer innovative, high-quality projects to discerning customers.
The joint venture between DLF and Trident will be instrumental in the development of the Slum Rehabilitation Project in Andheri (W), Mumbai. This project holds significant importance in Mumbai's urban landscape as it aims to rehabilitate slum dwellers and provide them with better living conditions. With Trident's ongoing efforts in developing the project and DLF's expertise in real estate development, the venture is poised for success.
The Slum Rehabilitation Project will involve the development of residential spaces, amenities, and infrastructural facilities to uplift the lives of slum dwellers and offer them a better standard of living. The project will encompass modern, sustainable architecture and thoughtful planning to create a vibrant and inclusive community.
The joint venture's successful implementation will not only benefit the stakeholders involved but also contribute to Mumbai's overall urban development agenda. As both companies join hands to develop the Slum Rehabilitation Project, they are set to leave a lasting imprint on the city's skyline and create spaces that enhance the quality of life for its residents.
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