DB Realty, Rustomjee in talks for housing project

MUMBAI: Realty developer DB Realty is in advanced talks with Rustomjee Group to enter into a Development Management Agreement (DMA) to execute its residential project DB Crown spread over 7 acres in Mumbai’s Prabhadevi locality, said two persons familiar with the development.
The agreement for the project with estimated revenue potential of Rs 5,000 crore will be a tripartite pact, given that DB Realty itself had entered into an agreement with Thackersey family and Bhishma Realty, erstwhile owners of this mill land.

This is DB Realty’s fourth monetization pact after forming joint development agreement for its projects in Bandra, south Mumbai’s Mahalaxmi and Marine Lines locality.

“It’s almost done, as the agreement between Rustomjee and DB Realty was expected to be entered into on February 16. But some more documentation work had to be finished and once done, the agreement can be signed anytime soon,” said one of the persons mentioned above.

Following this agreement, Rustomjee will be responsible for the rest of the permissions, construction, and marketing of this project with nearly 1.8 million sq ft saleable area.