Delta Corp. and its partners set up a Rs 765 crore real estate platform for Mumbai redevelopment

The platform, with a total investment of Rs 765 crore, will be established in collaboration with Alpha Alternatives Fund Advisors LLP, its affiliates (AA Group), and Peninsula Land Limited. 

Delta Corp, a gaming and hospitality company, is establishing a real estate development platform for residential redevelopment in the Mumbai Metropolitan Region (MMR), as well as plotted development in and around  MMR, Alibagh, Khopoli, Karjat, and Pune, according to a stock exchange filing on May 8. 

The platform, which will cost Rs 765 crore, will be developed in partnership with Alpha Alternatives Fund Advisors LLP, its affiliates (AA group), and Peninsula Land. 

The company also stated that the real estate platform will be the only vehicle for such projects, with an investment of Rs 90 crore (11.76) the AA group will invest Rs 450 crore (58.82 percent), and Peninsula Land (PLL) will invest Rs 225 crore.  

According to the statement, PLL will be the development manager for the platform entities’ projects. 

“This opportunity is part of our ongoing investment in growing and diversifying our business through internal accruals while remaining debt-free. 

Our focus remains on our core areas of gaming and allied hospitality, with most of our capex and investments going toward expanding those businesses,” Delta  Corp stated. 

Chief  Financial Officer Anil Malani told Moneycontrol earlier this year that the company intended to invest in its offline business over the next two years to return to a profit margin of at least 38%.  

Delta  Corp has postponed its online gaming expansion plans after the GST rate was raised to 28%.  

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