New Delhi, April 2 -- Merino Shelters Private Limited (MSPL), a wholly-owned subsidiary of Man Industries (India) Limited, has entered into a 'Deed of Assignment' with realty developer Green-Spaces LLP (part of Paradise Group) to develop a six-acre land parcel in Navi Mumbai.

The land parcel is located opposite to DY Patil Stadium at Nerul in Maharashtra's Navi Mumbai.

The upfront amount of Rs.70 crore, and out of the total area of the developed property, the Company will get 30% area equivalent to approximately 4,50,000 sq.ft. Rera carpet area (Commercial and Residential), said the company, adding, "Over a period of 5 to 6 years, the developed area is estimated to have a monetising value of approximately Rs.650 - Rs.700 crore. The tota...