Realty developer DB Realty has entered into an agreement to lease out a 186-acre land parcel in Mira Road to the Municipal Corporation of Greater Mumbai (MCGM), on the outskirts of the country’s commercial capital financial capital Mumbai for annual rental of Rs 248 crore.
The lease duration is initially set for five years, with a lock-in period of three years and the possibility of extension for another two years.
The said land is vacant and un-developed. From the total land holding of 254.99 acres, land admeasuring 186.52 acres has been offered to the civic body, the company said in a regulatory filing.
The civic had invited tenders for hiring of land parcels for setting up casting yards and allied works use for its various vital projects.
