December 1, 2023: Peninsula Land, a prominent real estate developer listed on the NSE and BSE, announced a proposed growth capital funding of Rs 100 crore through the issuance of equity shares and CCDs to Delta Corp. This strategic collaboration is a testament to Peninsula Land’s strong operational performance in the last five years which saw it reduce its debt by approximately 90% (over Rs 2,200 crore) and deliver more than 1,800 units in the same period.
In addition, Peninsula Land and Delta Corp have proposed a joint venture with a combined investment of Rs 250 crore. Delta Corp would be the majority partner in the proposed joint venture and Peninsula Land would be the development manager (DM) for projects undertaken. The JV will be set up in due course.
Peninsula Land Limited is part of the Ashok Piramal Group. The company has projects in cities like spanning Mumbai, Pune, Bangalore, Lonavala, Nashik, and Goa. On of the first real estate firms to be listed on the stock exchange, Peninsula Land has delivered over 10.6 million square foot of real estate across these cities.
Rajeev Piramal, vice-chairman and managing director, Peninsula Land, says: “Over the past few years, Peninsula Land has executed a clear strategic vision to execute projects and reduce debt through operational excellence and strong corporate governance protocol. I am thrilled to announce a new phase of growth with Delta Corp that will allow us to unlock the immense value that exists in the real estate sector today. In the residential segment, we have built, sold and handed over homes ranging from INR 20 lakhs in the affordable category to INR 50 Cr in the super luxury category across several products including apartments, row houses, plots and villas. Hence, the depth and breadth of our operational capabilities across asset classes combined with the catalyst of this growth capital will enable us to continue our growth trajectory and create more value for our stakeholders.”
Jaydev Mody, chairman, Delta Corp, says: “Today, India’s real estate sector is poised for growth and presents attractive opportunities to businesses. The industry is consolidating as regulations increase, demand grows, and customers increasingly seek established and trusted brands. Via this strategic venture with Peninsula Land, Delta is perfectly positioned to take advantage of this new phase of growth in India’s realty space.”
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An alumna of the Indian Institute of Mass Communication, Dhenkanal, Sunita Mishra brings over 16 years of expertise to the fields of legal matters, financial insights, and property market trends. Recognised for her ability to elucidate complex topics, her articles serve as a go-to resource for home buyers navigating intricate subjects. Through her extensive career, she has been associated with esteemed organisations like the Financial Express, Hindustan Times, Network18, All India Radio, and Business Standard.
In addition to her professional accomplishments, Sunita holds an MA degree in Sanskrit, with a specialisation in Indian Philosophy, from Delhi University. Outside of her work schedule, she likes to unwind by practising Yoga, and pursues her passion for travel.
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