Srinivasa Shipping & Property Development Ltd has informed that the Board of Directors of the Company at its meeting held on January 31, 2008, inter alia, has considered the following:
1. The Company has entered into a Joint Development Agreement for developing Premium Apartments on a 1.12 Acres plot of land at Padur Village on the Keelambakkam - Vandalur Road, off the IT Expressway, Chennai. The constructed area to be shared will be in the ratio of 62:35. The estimated cost of project is Rs 10.10 Crores against estimated revenue of Rs 13.50 Crores. The project will be implemented between March 2008 and June 2009. The expected profit would be Rs 3.40 Crores.
2. The Company has entered into a Joint Development Agreement for developing residential villas / row houses project on a 3.89 acres plot of land at Thalambur village, off Old Mahabalipuram, IT expressway, Chennai. The constructed area to be shared will be in the ratio of 56:44. The estimated cost of project is Rs 21.70 crores against estimated revenue of Rs 29.90 crores. The project will be implemented between April 2008 and March 2010. The expected profit will be Rs 8.20 crores.
3. The Company has entered into a Joint Development Agreement for developing Residential Apartments on a 3.05 Acres plot of land at Padur Village off old Mahabalipuram IT Expressway, Chennai. The constructed area to be shared will be in the ratio of 50:50. The estimated cost of project is Rs 46.50 Crores against estimated revenue of Rs 58.13 Crores. The project will be implemented between April 2008 and June 2010. The expected profit will be Rs 11.63 crores.
4. The Board has deferred the proposal of issue of convertible warrants on preferential basis for the time being.
1. The Company has entered into a Joint Development Agreement for developing Premium Apartments on a 1.12 Acres plot of land at Padur Village on the Keelambakkam - Vandalur Road, off the IT Expressway, Chennai. The constructed area to be shared will be in the ratio of 62:35. The estimated cost of project is Rs 10.10 Crores against estimated revenue of Rs 13.50 Crores. The project will be implemented between March 2008 and June 2009. The expected profit would be Rs 3.40 Crores.
2. The Company has entered into a Joint Development Agreement for developing residential villas / row houses project on a 3.89 acres plot of land at Thalambur village, off Old Mahabalipuram, IT expressway, Chennai. The constructed area to be shared will be in the ratio of 56:44. The estimated cost of project is Rs 21.70 crores against estimated revenue of Rs 29.90 crores. The project will be implemented between April 2008 and March 2010. The expected profit will be Rs 8.20 crores.
3. The Company has entered into a Joint Development Agreement for developing Residential Apartments on a 3.05 Acres plot of land at Padur Village off old Mahabalipuram IT Expressway, Chennai. The constructed area to be shared will be in the ratio of 50:50. The estimated cost of project is Rs 46.50 Crores against estimated revenue of Rs 58.13 Crores. The project will be implemented between April 2008 and June 2010. The expected profit will be Rs 11.63 crores.
4. The Board has deferred the proposal of issue of convertible warrants on preferential basis for the time being.
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