Mumbai, (IndiaPRwire.com), House of Pearl Fashions Limited, has announced that it would be utilizing a large pocket of land owned by its subsidiary, Pearl Global Limited, for commercial development. In this context, it has decided to develop its strategically located plot on National Highway-8 in Narsinghpur, Gurgaon (Haryana) for commercial space.

The plot measuring 9.26 acres has been held by the company since 1994 and now falls into commercial zone as per the new master plan.

The company has entered into a MoU with Ansal API, one of India’s leading developer, to jointly develop the property. As per the MoU, Ansal API would obtain the necessary government approvals and construct the property. The revenues from sale of developed property would be shared between Pearl Global and Ansal API in the ratio of 47.5: 52.5.

Depending upon government approvals, the developed area would be in excess of 6 lakh sq ft and revenues would start flowing within 36 to 48 months from date.