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BKC Project: The Ten BKC Residential Project of Velor Estate Limited (formerly known as DB Realty Limited) is nearing completion. This residential project is spread over 5 acres of land in Bandra, Mumbai. Velor Estate Limited is building it in collaboration with Adani Goodhomes Private Limited, which is expected to be completed by June.
One of the largest residential projects in Bandra East
This project was earlier started by Velor and Radius Estates, the work of which was stuck for 15 years. After Adani Goodhomes joined this project in the end of 2021, the work started rapidly. This is one of the largest residential projects in Bandra East, which has been named Adani Tech BKC. It has 15 towers, which have 22 to 29 floors. These 15 towers are spread in three different zones. According to the Real Estate Regulatory Authority (RERA) and Valor’s Annual Report (2022-23), these range from 1 BHK to 5 BHK apartments.
Valor has so much stake in the project
According to the September quarter analyst presentation, Rs 4,544 crore has been spent in building this project, in which Valor has 50 percent stake. Vinod Goenka, Chairman and Managing Director of Velor Estate, while talking to The Mint, said, another development project of ours is XBKC in MIG Colony, Bandra East, on which work is progressing in collaboration with Adani. This too will be completed by June this year.
Adani took over after Radius went bankrupt
The project was originally a joint venture between Valor Estate’s subsidiary MIG (Bandra) Realtors & Builders Pvt Ltd and Radius Estates & Developers Pvt Ltd. Adani later acquired the project under the Insolvency and Bankruptcy Code (IBC) following the bankruptcy of Radius. Acquired it under and started increasing work on the project.
In fact, Velor entered into a development agreement with MIG Co-operative Housing Society in October 2010. Five years later, the company partnered with Radius Estates to build flats. However, Sanjay Chhabria-led Radius Project could not repay the loan and eventually the company went bankrupt.
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