The "WEMBLEY" G-59 floors residential project at Shiv Sai Paradise, Phase II, Majiwada, Thane, is set to begin soft booking by Mumbai-based Bharat Agri Fert & Realty Ltd. The Company anticipates receiving a significant amount of bookings on DUSSEHRA based on the response and inquiries received for the project. For the construction project "WEMBLEY" G-59 floors, Shiv Sai Paradise, Phase II, Majiwada, with 2/3 BHK residential flats and all amenities & facilities, the Company has received the Sanction of Development, Commencement Certificate, Chief Fire Officer permission from Thane Municipal Corporation, MoEF permission and Civil Aviation permission, etc. All RERA compliances have been completed by periodically uploading sanctions, licenses, and amendments. The Company aims to complete the entire project within 3-4 years with an estimated revenue of Rs.700-800 Crores.
Management is planning to utilize these surplus funds partly for the upgradation & modernization of the SSP/GSSP plant with a capacity of 132000 tons per year and partly for the expansion of ANCHAVIYO Resort by developing 125 theme-based luxurious rooms as destination weddings along with infrastructure facilities to make ANCHAVIYO Resort a brand image in Palghar district, Maharashtra.
In view of the above, the Company will be fully utilizing their available potential FSI at Majiwada, Thane Phase II Residential Tower, which will have 2/3 BHK luxurious or sophisticated flats with all modern amenities and facilities to cater to the local residential market by offering 400 number of apartments at affordable/reasonable rates. On successful completion of this project, the company will be debt-free. It will increase their expansion project at ANCHAVIYO RESORT and higher capacity utilization of the SSP Phosphatic Fertiliser Business at Wada, Palghar. At Anchviyo Resort, the Company has added 12 rooms and installed a solar system, which will help it save on electricity costs 1 crore per annum.
The Company has renewed the SSP fertilizer marketing tie-up with SPIC (Greenstar Fertilizers Ltd) for 25000 M.T for the year 2023-24 and is also in the process of a marketing tie-up with Indian Potash Ltd for 30000 M.T in addition to 15000 M.T SSP sales through Company's marketing network and expects revenue of Rs. 80-85 Crore subject to renewal of NBS policy of Department of Fertilizer (DOF). The management has also signed a Settlement MOU and received Rs.9 crore to repay the entire loan amount from Mol Chem Ltd.
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