House of Pearl to develop 9.26 acres land
House of Pearl Fashions Ltd will develop 9.26 acres of land of its subsidiary Pearl Global Ltd jointly with Ansal API.
By INDIATIMES NEWS NETWORK |
MUMBAI: House of Pearl Fashions Ltd will develop 9.26 acres of land of its subsidiary Pearl Global Ltd jointly with Ansal API.
As per the MoU signed between the two, Ansal API would obtain the necessary government approvals and construct the property. The revenues from sale of developed property would be shared between Pearl Global and Ansal API in the ratio of 47.5 : 52.5.
The property is located on National Highway-8 in Narsinghpur, Gurgaon (Haryana) for commercial space. The plot has been held by the Pearl Global Ltd since 1994 and now falls into commercial zone as per the new master plan.
Depending upon government approvals, the developed area would be in excess of 6 lakh sq ft and revenues would start flowing within 36 to 48 months from date.
The shares of House of Pearls closed at Rs 290.65, down 1.32 per cent and Ansal API closed at Rs 302, up 2.07 per cent.
As per the MoU signed between the two, Ansal API would obtain the necessary government approvals and construct the property. The revenues from sale of developed property would be shared between Pearl Global and Ansal API in the ratio of 47.5 : 52.5.
The property is located on National Highway-8 in Narsinghpur, Gurgaon (Haryana) for commercial space. The plot has been held by the Pearl Global Ltd since 1994 and now falls into commercial zone as per the new master plan.
Depending upon government approvals, the developed area would be in excess of 6 lakh sq ft and revenues would start flowing within 36 to 48 months from date.
The shares of House of Pearls closed at Rs 290.65, down 1.32 per cent and Ansal API closed at Rs 302, up 2.07 per cent.
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