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DB Realty's JV inks term sheet for development of 'DB Skypark'

DB Realty's joint venture (JV) - ECC DB JV, in which company holds 74% stake has signed a Term Sheet on January 15, 2018 with Xanadu Development (Development Manager) for the purpose of development management of 'DB Skypark' Residential Project situated at Andheri East, near ITC Maratha, Mumbai International Airport.

As per the Term Sheet, the said Development Manager shall be responsible for the financial and general management including construction, development and marketing of the said project. The Development Manager shall be paid fees based on realizations of the Sales Price on terms set out in the Term Sheet. The transaction in the Term Sheet is subject to entering into definitive documentation and due diligence and other conditions.

DB Realty is a real estate development and construction company. The company is engaged in the construction of residential buildings/commercial complexes and activities connected and incidental thereto.

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