DB Realty, now known as Valor Estate Limited, has made a significant move in support of Mumbai's coastal road project by leasing approximately 186.52 acres of land to the Brihanmumbai Municipal Corporation (BMC) for INR 248 crore. This lease agreement, effective from March 11, 2024, spans three years initially with the possibility of extension up to five years.

The land, situated adjacent to Mira Road Railway Station, will be utilized by the BMC for casting yards and allied works crucial for the coastal road's construction. The annual rent of INR 248 crore underscores the substantial value of the land, with potential development exceeding 50 million square feet in the future.

The strategic location near Mira Road Railway Station, coupled with the impending coastal road project, positions the leased land as a prime area for future development. Valor Estate Limited envisions transforming the area into an integrated township, comprising residential and commercial spaces, once the coastal road is completed, and requisite infrastructure is in place.

This agreement is mutually beneficial, with the BMC gaining access to vital land for infrastructure development and Valor Estate Limited securing a steady income stream while unlocking long-term development potential. The project has the potential to significantly impact Mira Road's real estate market, with experts anticipating a rise in property values due to improved connectivity and the prospect of a well-planned integrated township.

While the timeline for development post-lease period is yet to be announced, environmental considerations and sustainable development practices are expected to be prioritized. Incorporating robust public transport options within the township will also be crucial to mitigate traffic congestion and promote a sustainable lifestyle.

Source: propnewstime.com

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