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Standard Industries has entered into an agreement to surrender the Transfer Development Rights Certificate to be issued by the Municipal Corporation of Greater Mumbai of the reserved land at Parel Sewree Division (admeasuring about 5,413.92 sq mt — less encroached area of about 1,000 sq mt) in lieu of such area as may be ascertained by MCGM on actual measurement at site, at or for the consideration of ₹41.50 crore. The transfer, assignment and consideration will depend on the grant of quantum of DRC and on the other terms and conditions specified in the agreement. Shares of Standard Industries tumbled 3.9 per cent at ₹24.65 on the BSE.
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