Update on D B Realty Limited’s Project Ten BKC Key Points:
- MIG is a subsidiary of D B Realty Limited and is in charge of a project’s development
- The project was previously being developed in partnership with REDPL, which faced corporate insolvency under the IBC
- Adani Goodhomes submitted a resolution plan for REDPL during the IBC process, which MIG approved and was later approved by the National Company Law Tribunal
- Construction on the project resumed in January 2022 and is expected to be completed by June 2024
- MIG has collected ₹ 100 crore in sales and has 3,72,572 sq. ft. of unsold, saleable area in the project.
MIG (Bandra) Realtors & Builders Pvt. Ltd, also known as MIG, is a subsidiary of D B Realty Ltd and is responsible for the development of the aforementioned project. The BKC Project was being developed in partnership with Radius Estates Private Limited, but REDPL faced corporate insolvency under the Insolvency and Bankruptcy Code (IBC).
Adani Goodhomes Pvt. Ltd. submitted a resolution plan during the Insolvency and Bankruptcy Code (IBC) process for REDPL. MIG has given its approval to the resolution plan, which received the support of more than 83% of the committee of creditors of REDPL. The resolution plan has now been approved by the Honorable National Company Law Tribunal.
As part of the resolution plan, construction on the project resumed in January 2022. The civil work for 12 wings is now 100% complete, while work on the remaining 3 wings is 95% complete. It is expected that all RCC work will be finished by the end of next month.
The project is on track to welcome more than 300 home owners, including all society members, by Diwali 2023. The entire project is expected to be completed by June 2024, with a few months of cushion.
MIG (Bandra) Realtors & Builders Pvt. Ltd. has collected approximately ₹ 100 crore from existing home owners and new sales in the last quarter. MIG currently has 3,72,572 sq. ft. of unsold, saleable area in the project.
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