Valor Estate Gets BMC Approval On Revised Bid For Urban Resettlement And Housing Project
By Ankur Chandra | Updated at: Jun 6, 2025 11:56 AM IST
MUMBAI, June 5, 2025 — Valor Estate Limited (NSE: DBREALTY), formerly D B Realty Ltd, has announced a significant development in its affordable housing initiative, receiving a corrigendum to the Letter of Acceptance (LOA) from the Brihanmumbai Municipal Corporation (BMC) for its Urban Resettlement and Housing Project in Zone IV.
Project Overview
The project involves the construction of approximately 13,374 tenements under the Project Affected Persons (PAP) scheme, targeting large-scale urban resettlement. The development will span an estimated 33.46 sq. m. per unit, with an upgraded assessed valuation of ₹50,98,686 per tenement (excluding GST) based on revised ASR rates certified by the Town Planning Department.
Revised Financials (per tenement) – Table Extract from BMC Corrigendum (Page 4)
| Component | Value |
|---|---|
| Carpet Area | 27.88 sq. m. |
| Built-up Area (×1.2 factor) | 33.46 sq. m. |
| ASR Rate (Zone 62/292) | ₹1,33,670/sq. m. |
| Value of Tenement | ₹44,72,598 |
| Value of Common Amenities | ₹6,26,088 |
| Total Cost (Excl. GST) | ₹50,98,686 |
The revised bid was approved through the Corporation Resolution No. 217 dated June 2, 2025, and Improvement Committee Resolution No. 21 dated May 30, 2025.
Strategic Impact
The project carries a Gross Development Value (GDV) of approximately ₹7,000 crore, as disclosed by the company in its filing dated June 5, 2025. Valor Estate Limited has stated that it holds a 75% economic interest in the proposed Urban Resettlement and Housing Project, comprising approximately 13,374 tenements under the PAP Scheme.
According to the company, the project falls within the affordable housing segment and is aligned with its ongoing development activities in Mumbai. The company has described the project as revenue and profit accretive, as per its disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
About Valor Estate Limited
Valor Estate Limited is a Mumbai-based real estate development firm with a focus on large-scale, mixed-use, and government-partnered projects. The company emphasizes innovation and sustainability in urban transformation initiatives.
Management Statement
Commenting on the development, Shahid Balwa, Vice-Chairman & Managing Director, stated that the project marks a pivotal milestone in the company’s growth strategy and aligns with its mission to drive inclusive urban renewal in one of India’s most populous cities.
REF: https://nsearchives.nseindia.com/corporate/DBR_05062025121733_NSE.pdf
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