Bharat Agri Fert and Realty Ltd. has announced that it has received various clearances from the Thane Municipal Corporation for a residential project in Majiwada, Thane.
The company expects revenue of approximately Rs 500-600 crore based on prevailing market conditions from this real estate project in the next five years. The sale potential is nearly equivalent to the company’s overall market capitalisation of Rs 530 crore.
On successful completion of this project, the company will be Debt free and will increase its expansion project at its “Anchaviyo Resort” and also expand capacity of its SSP Phosphatic Fertiliser business in Palghar.
The company had applied to the Municipal Corporation to avail maximum potentiality of the land and accordingly, the company has received permission to construct a 31-floor tower. However, as per the Chief Fire Officer of the TMC, permission has been received for 52 floors, which will be applied once the company procures the necessary clearances.
Bharat Agri has already started availing required project finance, appointed a civil contractor and also complied with all other required sanctions and permissions to start up the construction work on receipt of amendment in MoEF permission which is in an advanced state of submission, it stated.
The company will be utilising their available potential FSI at Majiwada,