NEW DELHI: CG Power and Industrial Solutions, also known as Crompton Greaves, has signed a term sheet with K Raheja Corp. Group Company for the joint development of its property-CG House situated at Dr. Annie Besant Road, Worli, Mumbai.
The builder will be granted development rights by the company to develop the land admeasuring 4,262.34 sq meters by demolishing the existing structure.
The development agreement is expected to be signed within 45 days of the execution of the term sheet and the project is expected to be completed over five years from the date of execution of the development agreement.
The company and the builder will be entitled to 50% share of the leasehold right and the developed building.
