Indian Hume Pipe, Dosti Realty inks pact for Wadala land parcel development

MUMBAI: Indian Hume Pipe Company has entered into an agreement with Mumbai-based builder Dosti Realty for development of nearly 3.5 acre land parcel in Mumbai’s Wadala locality. The total land parcel includes 2.08 acre freehold land, while 1.39 acre is under Slum Rehabilitation Scheme.

Both the land parcels will be developed by Dosti Realty, the developers at their costs, expenses and risk, Indian Hume Pipe Company said in a regulatory filing on Bombay Stock Exchange. The slum rehabilitation will be developed as phase I, while freehold land parcel will be developed as phase II.

The agreement is now concluded following the Indian Hume Pipe Company’s board of directors’ decision in November 2014 to develop the land parcels.