Real estate major DB Realty has confirmed that its subsidiary firm has entered into a significant tie-up with a firm owned by the well-known Radius Group for the development of a big-ticket housing project in Mumbai. The division of DB Realty named Neelkamal Realtors Tower has entered into the development management agreement with the Radius Group owned Indo Global Soft Solutions and Technologies Private Limited.
The agreement covers the development of the Orchid Heights project, which covers a land parcel of 19, 000 square meters. This has been confirmed by DB Realty as part of its regulatory filing. Indo Global Soft Solutions and Technologies is a major part of the Radius Group and will be arranging the total funding needed for this project and will also take joint responsibility for constructing, developing and marketing the housing project with a total construction area of 3.2 million sq. ft. Indo Global has also arranged the initial funding requirement for the swifter completion of this project.
More and more real estate players are coming together in a bid to clear inventory faster and market projects in a more structured manner. Consolidation helps use joint resources and manpower for executing projects in a timely manner and also combating delays and cost escalations. Also, the arrangement of funds in a phase wise manner will help developers complete project phases and focus on marketing the same thereafter.