Nimbus Projects Limited ("The Company") has executed a Joint Development agreement with Sunworld Residency Private Limited that was registered in the office of Sub Registrar Noida-1, Gautam Buddh Nagar and the executed copy of which is returned to the company, today, i.e. on 9th October 2024 at 12.30 p.m.
With the execution of Joint development agreement, the Company has now acquired the exclusive development and sales rights over the undeveloped portion of the project "Sunworld Arista" i.e PhaseII (Consisting of Towers 5,7,8 & 9) along with club consisting a total of 12,161.97 Sq. mtr of Plot No. GH01C , Sector-168, Noida, Uttar Pradesh in the capacity of co-developer in terms of the Legacy Stalled Scheme Policy dated July, 2023 formulated by Amitabh Kant Committee and sanctioned by Government of Uttar Pradesh.
With the execution of Joint Development Agreement and in lieu of total consideration, Sunworld Residency Private Limited has agreed to transfer entire development and sales right of the development area exclusively and irrevocably in favour of the Company, including but not limited to exclusive right to develop, market and transfer/sell the completed structures of the development Area by way of sub-Lease/transfer deed etc.
Now, the company shall execute a supplementary deed along with Noida Authority and Sunworld Residency Private Limited upon receipt of NOC's from Bankers regarding settlement of their outstanding Loans.
Total saleable area in the project shall be approximately 10,50,000 sq. ft.
The estimated total cost of project shall be the INR 1000.00 Crores & the estimated total sales revenue shall be approx. INR 1400.00 Crores.
Promoter's contribution in the project shall be upto INR 200.00 Crores which shall be infused from time to time as and when required. The Company plans to avail project construction facility of Rupees up to INR. 200.00 Crores from Bank/financial institutions. The balance amount shall be arranged from sale of project.
The Company will start construction activities immediately upon renewal of maps from the NOIDA Authority.
Shares of NIMBUS PROJECTS LTD. was last trading in BSE at Rs. 115.60 as compared to the previous close of Rs. 117.95. The total number of shares traded during the day was 5376 in over 14 trades.
The stock hit an intraday high of Rs. 115.60 and intraday low of 115.60. The net turnover during the day was Rs. 621465.00.