Valor Estate Ltd update on Slum Rehabilitation Project at Worli, Mumbai

Valor Estate Limited (the "Company") (Formerly known as D B Realty Limited), through its wholly owned subsidiary and in partnership with Prestige Estates Projects Limited, is undertaking a large-scale slum redevelopment project via Worli Urban Development Project LLP on land admeasuring approximately 70,000 sq. meters (C.T.S. No. 17/47 (Part)), located at Dr. E. Moses Road, Lower Parel Division, Worli, Mumbai - 400 018, within G/South Ward. This project, popularly known as the Jijamata Nagar Redevelopment Project, is being executed on land owned by the Municipal Corporation of Greater Mumbai (MCGM). The Company has 50% economic interest in the project.

The project encompasses the rehabilitation of approximately 4,029 residential /commercial structures and its occupants. Of these, 3,661 families have already vacated the premises and have been provided with alternate transit accommodation or transit rent.

Part of the project land is reserved for the implementation of Stage-II of the Mumbai Sewerage Disposal Project at the Love Grove Sewage Pumping Works - a critical infrastructure project of high vital public importance.

In furtherance of the development, appropriate statutory authorities have issued demolition orders for the balance remaining structures. Subsequent thereto, consent terms have been filed and accepted in ongoing proceedings before the Hon'ble Bombay High Court, whereby the remaining occupants are required to vacate their premises within 21 days from June 4, 2025. Accordingly, all remaining structures will be vacated on or before June 25, 2025.

Upon completion of the eviction process as contemplated above, the site will be ready for construction of "The Prestige Place", a marquee one of its kind, world-class mixed-use development with a planned sale FSI in excess of 4 million sq. ft. The Project is being designed by Skidmore, Owings & Merrill LLP (SOM), a world leader having designed marquee projects such as Burj Khalifa, Dubai amongst others. This will be amongst the largest true mixed use project in South Mumbai and also one of the largest urban renewal projects in South Mumbai. This Project will include in-situ rehabilitation of over 4,000 families. The rehabilitation component is being designed as per global best practices in urban planning and sustainability.

Shares of Valor Estate Limited was last trading in BSE at Rs. 218.45 as compared to the previous close of Rs. 215.10. The total number of shares traded during the day was 469883 in over 5015 trades.

The stock hit an intraday high of Rs. 222.35 and intraday low of 213.05. The net turnover during the day was Rs. 102611911.00.

Source : Equity Bulls

Keywords

ValorEstate INE879I01012 Realty Subsidiary SlumRehabilitationProject Worli Mumbai