Fermenta Biotech has signed a binding term sheet with Mextech Property Developers for the balance development of its Thane property through Mextech.

Fermenta owns, as a part of its legacy properties, freehold land in Thane which was partly developed by constructing Thane One, an IT/ITES Building.

The binding term sheet has granted the development rights to Mextech for construction of residential-cum-commercial buildings in the balance portion of Land. In lieu of this, Fermenta will receive affordable luxury residential flats on an area sharing basis aggregating to 1,20,000 sq ft RERA carpet area along with amenities in the property.

Within 75 days of the execution of the binding term sheet, the parties will sign the definitive agreement and the property is expected to be constructed within six years of signing the definitive agreement.