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Poddar Housing to transfer Poddar Riviera project to Runwal Developers

03 Mar 2023 Evaluate

Poddar Housing and Development’s (PHDL) board has proposed the transfer of its Project ‘Poddar Riviera’ situated at Kalyan, which includes all assets, properties, rights, liabilities, litigations, obligations, benefits, contracts, licenses, employees and records pertaining to such identified business undertaking, (hereafter called the Business Undertaking) as a going concern to Runwal Developers, Runwal Group (Buyer) by way of Business Transfer Agreement, which was proposed by the Board of Directors in its meeting held on February 14, 2023.

The company has proposed the transaction of sale of business undertaking to Runwal Group at aggregate consideration of Rs 1 lakh. The Runwal Group is taking the project liabilities of Rs 233 crore against the project assets of Rs 174 crore. This transaction will generate profit of Rs 68 crore to the company and also will help company in reduction of debt of Rs 153 crore and consequently interest costs. The said transaction is expected to be closed on or before April 30, 2023.

Poddar Housing and Development is an unusual real estate development company. Over the years, the company has selected to largely focus on the housing opportunities coming out of MMR region. Instead of focusing on the premium segment, the Company largely focused on the relatively unaddressed lower income housing segment of Mumbai Metropolitan Region (MMR) region, arguably the only listed company with this focus.

Poddar Hsg.&Devlop. Share Price

49.21 0.00 (0.00%)
30-Jun-2025 16:59 View Price Chart
Peers
Company Name CMP
Lodha Developers 871.70
Dilip Buildcon 457.55
DLF 601.80
Oberoi Realty 1710.00
Ahluwalia Contract(I 832.90
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