DB Realty Strikes a Deal with BMC: Leases 186 Acres in Mira Road for Rs 248 Crore Annually

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In a significant development for the Mumbai real estate sector, listed company DB Realty announced it has leased out 186 acres of its land in Mira Road to the Brihanmumbai Municipal Corporation (BMC) for an annual rent of Rs 248 crore. The agreement, pivotal for the ongoing coastal road project, spans three years with an option to extend up to five years.

The BMC requires the substantial land parcel for the establishment of casting yards and other related works necessary for the ambitious coastal road project, aimed at easing traffic congestion and bolstering connectivity within the city.

DB Realty's strategic land, primarily zoned for residential development, boasts a potential development area exceeding 50 million square feet. This move is expected to significantly contribute to the region's infrastructure and real estate landscape.

"Mira Real Estate Developers, a partnership firm fully owned by DB Realty and its subsidiaries, possesses 254.99 acres of prime land adjacent to the Mira Road railway station on the west. A portion of this, amounting to 186.52 acres, has been allocated to the BMC under a Leave and License agreement," detailed DB Realty in its regulatory disclosure.

This deal, valued at approximately Rs. 248 crore per annum over a potential five-year period, underscores the synergy between public infrastructure projects and private land resources, facilitating significant urban development initiatives in Mumbai.