Delta Corp Ltd., known for its presence in the gaming and hospitality industries, has made a significant foray into the real estate sector with a substantial investment in Peninsula Land Ltd (PLL). The Mumbai-based PLL has received a Rs 100 crore investment from Delta Corp Ltd, marking a majority stake in a Rs 250 crore joint venture in the rapidly-growing real estate sector.
The decision to enter the real estate sector comes at a time when Delta Corp has been facing GST evasion notices from the Directorate General of GST Intelligence (DGGI) for its core gaming business. Despite this, Delta Corp has a profitable history in the real estate sector and has successfully completed several real estate projects in the past.
Chairman Jaydev Mody expressed his enthusiasm for the company’s expansion into real estate, highlighting the potential for growth in India’s realty space. “Today, India’s real estate sector is poised for growth and presents attractive opportunities to businesses. Via this strategic venture with PLL, Delta is perfectly positioned to take advantage of this new phase of growth in India’s realty space,” said Mody in a press release.
Peninsula Land Ltd, with over 22 years of experience in the real estate sector, is expected to play a crucial role in supporting Delta Corp’s re-entry into the real estate market. The company has completed 19 projects and is currently working on two more, providing valuable expertise to assist Delta Corp in its expansion efforts.
Rajeev Piramal, PLL’s Managing Director, expressed his excitement about the partnership with Delta Corp, stating, “I am thrilled to announce a new phase of growth with Delta that will allow us to unlock the immense value that exists in the real estate sector today.”
Despite facing challenges in its gaming business, including delays in flagship projects and GST notices from DGGI, Delta Corp remains determined to make its mark in the real estate sector. The company, as the primary stakeholder, plans to execute projects mainly in Mumbai and Goa as part of its expansion into the real estate industry.
In addition to its venture into the real estate sector, Delta Corp has also been involved in legal action against the DGGI’s GST notices, and recently received interim relief from the Sikkim High Court in response to the ongoing GST challenges.
The move into real estate represents a bold step for Delta Corp, diversifying its business interests and leveraging the growth potential of India’s real estate market. As the company continues to navigate the challenges in its gaming business, it remains confident in its ability to establish a strong presence in the real estate industry.