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Mohota Industries inks JV pact for development of affordable housing project

Mohota Industries, through its Special Purpose Vehicle (SPV), entered into its third joint venture (JV) agreement with a renowned developer for the multi-use development project with an estimated value of around Rs 160 crore. The development project is spread over 6 acres with total development target of 4.50 lakh sq. ft., which will be completed over 24 months period starting - May 2018.

The land is located in Nagpur's posh area at old Kamptee road (Urban Zone) and the project will be eligible for PMAY (Government of India - Affordable Housing Scheme). An FSI of 2.5x is earmarked for these projects.

Mohota Industries through its SPV will contribute land only for this project and the JV partner will contribute towards development, marketing, administrative and selling expenditure. Mohota Industries would yield 40% of the total saleable value. The project value is estimated at Rs 160 crore at current market value. The proceeds will be transferred from SPV to the balance sheet post completion of the project.

Mohota Industries (formerly known as The Rai Saheb Rekhchand Mohota Spinning & Weaving Mills), having registered office in Mumbai, Maharashtra, is engaged in textile manufacturing and infrastructure projects.

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