Kalpataru, a key developer in real estate sector has gained the approval to redevelop a huge housing society spanning over almost four acres of land in the locality of Lokhandwala in Mumbai, Maharashtra.
With a potential revenue of more than Rs. 2,100 crore, the proposed redevelopment project has an estimated development area of more than eight lakh square feet, of which five lakh square feet are saleable.
The structure of the housing society presently has a sum of 12 residential buildings which has 290 apartments spread over 1.90 lakh sq. ft. The redevelopment project involves rehousing & giving an all-out three lakh sq. ft. of redeveloped space.
The organization has dealt an agreement for residential development & hopes to finish it in four years. The developer is working away at plan & format of the project.
Kalpataru bought the rights to redevelop Yoganand Co-Operative Housing Society in Borivali in June.
The society is spread out over nearly six acres, and Kalpataru plans to invest approximately Rs. 700 crore in developing a residential project there. The redevelopment project, which is currently home to nearly 400 people, is expected to be completed in three to four years and generate revenue worth Rs 1,300 crore.
The Mumbai real estate market has reached a new peak in property registration and has witnessed benchmarking performance, particularly in luxury, premium, & mid-income segment properties.
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