NEW DELHI: Sunteck Lifestyles, a wholly-owned step-down subsidiary of Sunteck Realty, has settled all the existing legal disputes and claims with its joint venture partner Grand Valley General Trading LLC.
Both the companies had formed GGICO Sunteck, a joint venture company, to develop a real estate project in Dubai. There is no compensation/ penalty to be paid as part of the settlement process.
“… as per the understanding the joint venture partners have agreed to withdraw all the existing legal disputes/ claims and to start the development of Dubai Project under Sunteck Mas Real Estate Development LLC…” the company said in the regulatory filing.
Both the joint venture partners have decided to develop the project by incorporating a development company namely Sunteck Mas Real Estate Development LLC in Dubai, UAE.
Sunteck will have exclusive rights of sales, marketing and branding of the project. The profits generated from the project will be shared between the joint venture partners in the agreed 50:50 ratio.
Revi Realty Real Estate Development LLC is the developer of the project.
