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DB Realty: DB Realty to lease out 186 acres in Mira Road to MCGM for Rs 248 cr annual rent

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Realty developer DB Realty has entered into an agreement to lease out a 186-acre land parcel in Mira Road to the Municipal Corporation of Greater Mumbai (MCGM), on the outskirts of the country’s commercial capital Mumbai for annual rental of Rs 248 crore.

The lease duration is initially set for five years, with a lock-in period of three years and the possibility of extension for another two years.

The said land is vacant and undeveloped. From the total land holding of 254.99 acres, land admeasuring 186.52 acres has been offered to the civic body, the company said in a regulatory filing.

The Letter of Award (LOI), issued on Monday, is subject to signing of a formal Leave & License Agreement and other terms and conditions as laid down in the tender documents.

The civic body had invited tenders for leasing land parcels for setting up casting yards and allied works usage for its various vital projects.

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