Home Retail House of Pearl announces JV with realty major Ansal API

    House of Pearl announces JV with realty major Ansal API

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    has announced that it will be utilising a large pocket of land owned by its subsidiary, , for commercial development. The company will be developing its strategically located plot on National Highway 8 in Narsinghpur, Gurgaon (Haryana), for the commercial space. The plot measuring 9.26 acres has been held by the company since 1994.

    To develop the property, the company has entered into an MoU with , one of India’s leading real estate developers. As per the MoU, will obtain the necessary government approvals and construct the property. The revenue generated through the property will be shared between the two parties in the ratio of 47.5 (Pearl Global):52.5 (). Depending upon government approvals, the developed area will be in excess of 6 lakh square feet, and revenues are expected to start flowing in within 36 to 48 months.

    – Mumbai Bureau