Anant Raj has entered into a Supplementary Agreement with Destination Properties Private Limited to modify the terms of their existing collaboration for a residential group housing project in Gurugram, Haryana. The agreement updates the collaboration initially established on November 26, 2021.
The development will span an aggregated land parcel of approximately 5.0875 acres, with Destination Properties contributing 2.25 acres. The project will operate under a revenue-sharing model, with Anant Raj holding exclusive development, marketing, and sales rights. Revenue will be shared periodically from project collections through a RERA-compliant mechanism. Additionally, there is a provision for post-completion reconciliation and sharing of any unsold inventory.
Destination Properties will reimburse Anant Raj for costs incurred in acquiring Transferable Development Rights (TDR). The project remains subject to applicable regulatory approvals, including RERA registration and local development regulations.
Previously, Destination Properties was entitled to a share of the developed area in exchange for development rights. This arrangement has been revised, and the company will now receive 17.69% of the total project revenue.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).