Delta Corp Ltd., known for gaming and hospitality, has entered real estate with a Rs 100 crore investment in Peninsula Land Ltd (PLL), which is a Mumbai-based firm in the sector. This marks a majority stake in a Rs 250 crore joint venture in the rapidly-growing real estate sector.
The decisions comes amid Delta receiving GST evasion notices from the DGGI for its core business vertical. Delta has a profitable history in real estate and has already compeleted several real estate projects in the past. Chairman Jaydev Mody welcomed this new move and expressed his opinions.
“Today, India’s real estate sector is poised for growth and presents attractive opportunities to businesses. The industry is consolidating as regulations increase, demand grows, and customers increasingly seek established and trusted brands. Via this strategic venture with PLL, Delta is perfectly positioned to take advantage of this new phase of growth in India’s realty space,” Mody said in press release.
Peninsula, with 22+ years in real estate, aids Delta’s re-entry. Having completed 19 projects and working on two more, the company offers expertise to help Delta Corp expand into this sector.
Rajeev Piramal, PLL’s Managing Director said, “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.”
Delta’s flagship project was recently delayed, which offers liquidity. As the primary stakeholder, Delta will be executing projects mainly in Mumbai and Goa. This expansion follows changes to GST on online gaming. Delta, among other gaming companies, faced multiple DGGI’s GST notices.
Contesting their arbitrary nature, Delta Corp, like many other gaming firms, took legal action and recently received interim relief from Sikkim High Court in response to the recent GST challenges.