Key Details of Agreement
- Counterparty: M/s. Viraj Enterprises (Juhu)
- Agreement Type: Joint Development Agreement (JDA)
- Project Type: Real estate redevelopment under Slum Rehabilitation Authority (SRA) Scheme
- Location: CTS No. 857 of Juhu Village, Juhu Tara Road, Juhu, Mumbai–400049
- Land Area: Approximately 1609.20 square meters
- Geography: Domestic
Financial Terms
- JV Ratio: 85:15 (Balgopal Commercial Limited : Viraj Enterprises)
- Security Deposit: ₹15,00,00,000/- (Rupees Fifteen Crores) paid by Balgopal Commercial to Viraj Enterprises
- Deposit Nature: Refundable, interest-free security deposit
- Refund Condition: Refundable upon receipt of Occupation Certificate (OC)
- Funding Obligation: Balgopal Commercial Limited shall arrange and fund the entire project cost as per JDA terms
Profit Sharing Mechanism
All revenues, profits, and losses from the project will be shared in the ratio of 85% to Balgopal Commercial Limited and 15% to Viraj Enterprises.
Related Party Transaction
Yes, this transaction falls under related party transactions. Mr. Vijay Laltaprasad Yadav, promoter & Managing Director of Balgopal Commercial Limited, holds interest in Viraj Enterprises (Juhu).
Governance Approvals
- Audit Committee: Recommended the agreement
- Board of Directors: Approved at meeting held on 22.05.2026
- Shareholder Approval: Not required as per provisions approved in the 42nd Annual General Meeting held on March 30, 2026
Expected Benefits and Rationale
- Strengthens company's presence in real estate redevelopment sector
- Provides long-term business opportunities
- Potential benefits under SRA Scheme including enhanced development rights
- Optimized utilization of land resources
- Improved commercial viability
- Expected to generate sustainable revenue and enhance shareholder value