Bharat Agri Fert & Realty Ltd Receives Graduation Certificate for Shiv Sai Paradise Development Project, Expects Revenue of Rs. 700-800 Crore
Mumbai, Maharashtra, June 22 – Bharat Agri Fert & Realty Ltd, based in Mumbai, has received a graduation certificate from Thane Municipal Corporation (TMC) for the development of Shiv Sai Paradise, Part II, at Majiwada. The company plans to develop Tower G, which will consist of a basement and 31 floors of 2/3 BHK residential properties. The company intends to acquire additional Floor Space Index (FSI) by paying for Transfer of Development Rights (TDR), as the final project will span a total of 58 floors.
The graduation certificate is valid for one year, and the land for the project has already been acquired. The company has already begun work on the project and aims to generate an estimated Rs. 700-800 crore in revenue over the next five years.
Development and Permissions
On January 5, 2023, Bharat Agri Fert & Realty Ltd. received permission from TMC for the development of Tower G. This will include a basement, stilts, a ground floor, six parking floors, and 7 to 31 floors of residential units. This is based on the company’s existing FSI. The company has also received approval from the TMC Chief Fire Officer for up to the 52nd floor.
Once the company secures the necessary TDR as per TMC guidelines, it will apply for an additional floor modification. TMC has issued a letter of intent, allowing the company to approach the Ministry of Environment and Forests (MoEF) for these amendments. The company has already had a meeting with MoEF for approval on the proposed G Tower, which consists of floor + six levels of parking and 52 residential floors (2/3 BHK). The consent from MoEF is still awaited.
Project Finance and Contractor Appointments
The company has already begun securing project finance, appointed a civil contractor, and obtained all necessary sanctions and permissions to begin construction as soon as MoEF approval is granted, which is currently in the advanced stage. Upon completion, the project will offer 2/3 BHK luxurious flats equipped with modern amenities for the local residential market. The development will include 400 flats available at affordable prices.
Revenue Expectations and Expansion Plans
With the current market conditions, the company expects to generate approximately Rs. 700-800 crore in revenue from this real estate project over the next five years. The company plans to comply with or amend RERA regulations as necessary. Upon the successful completion of this project, Bharat Agri Fert & Realty Ltd. anticipates becoming debt-free and will proceed with its expansion plans at Anchaviyo Resort and higher capacity utilization at SSP Phosphatic Fertilizer Business in Wada, Palghar.
Fertilizer Marketing and Other Business Developments
In addition to its real estate project, Bharat Agri Fert & Realty Ltd. has renewed its SSP fertilizer marketing tie-up with SPIC (Greenstar Fertilizers Ltd) for 25,000 M.T for the year 2023-24. The company is also in the process of finalizing a marketing tie-up with Indian Potash Ltd for 30,000 M.T, in addition to 15,000 M.T SSP sales through its own marketing network. The company expects to generate Rs. 80-85 crore in revenue, subject to the renewal of the NBS policy from the Department of Fertilizers (DOF).
Furthermore, the company signed an MOU agreement on February 24, 2023, and has received Rs. 9 crore as compensation for an outstanding loan amount from Mol Chem Ltd (Affiliate Concern).
Sustainability Efforts at Anchaviyo Resort
At Anchaviyo Resort, the company has added 12 new rooms and installed a solar power system, which is expected to save around Rs. 1 crore annually in electricity costs.
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