House of Pearl Fashions Limited has announced that it will be utilising a large pocket of land owned by its subsidiary, Pearl Global Limited, 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 Ansal API, one of India’s leading real estate developers. As per the MoU, Ansal API 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 (Ansal API). 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