The rally was triggered after the High Court dismissed an appeal filed by the Salt Department, affirming the ownership of the land held by the company’s subsidiary, Miraland Developers Pvt. Ltd. The dispute relates to a 205-acre parcel in Mira Bhayandar, Thane, and the ruling effectively brings to a close litigation that had continued for over four decades.
The matter was under litigation for several years. Earlier, the Civil Judge (Senior Division), Thane, had dismissed the Salt Department’s Special Civil Suit in April 2018. With the Bombay High Court now upholding the earlier judgment, the title dispute stands decided in favour of Miraland Developers, bringing closure to the litigation.
The development could be seen as a major positive for the company, as it removes long-standing uncertainty around ownership of a large and potentially valuable land bank. With the title now legally settled, the company is in a position to explore development, monetisation or strategic partnerships linked to the land.
Earlier this year, in March, MIG Realtors Private Limited, a wholly owned subsidiary of Valor Estate, entered into transaction documents on March 30, 2026, after business hours, with Adani Goodhomes Private Limited for the acquisition of the entire equity share capital of Radius Estates and Developers Private Limited, subject to agreed terms and conditions.
Upon completion of the transaction, Radius Estates will become a wholly owned subsidiary of MIG and, in turn, an indirect wholly owned subsidiary of Valor Estate.
The acquisition is proposed to be completed upon fulfilment of conditions precedent and completion conditions set out in the transaction documents. The indicative outer timeline is up to December 2027, subject to the release of pledged shares.Also read: PNB shares jump 4% after Q4 results but Jefferies, Motilal, other brokerages are cutting target prices; here’s why
Valor Estate shares have slipped 9% over the past six months. Year to date, the stock is up 12%, but it remains down 22% over the past year.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)