Kalpataru Limited has announced its plans to invest in the redevelopment of a housing society spanning nearly 6 acres in Borivali, Mumbai. With a substantial investment of Rs. 700 crore, the project aims to transform the existing residential complex into a modern development covering 7 lakh sq. ft. The redevelopment will comprise 11 buildings housing a total of 400 apartments, which will be provided to the current residents as renovated units. Approximately 90% of the project will be dedicated to premium residential development, while the remaining portion will be allocated for commercial use. Kalpataru expects to generate a revenue of Rs. 1700 crores from this venture.
Kalpataru Limited has signed a development agreement with the Yoganand Co-operative Housing Society in Borivali, which was originally constructed in 1974. The redevelopment project entails an investment of Rs. 700 crore, in compliance with the regulations set by the Real Estate Regulatory Authority (RERA). As per the agreement, Kalpataru will deliver a carpet area of 2.42 lakh sq. ft. to the society's residents. The 11 buildings, spanning ground plus three floors, will be redeveloped into 400 apartments, with each unit covering 603 sq. ft.
Kalpataru has also entered into an agreement with the Indian Hume Pipe Company to invest in a separate project worth Rs. 1,000 crore in Pune. The Borivali project, located in the suburbs of Mumbai, is spread over 7 lakh sq. ft. and is expected to be completed within 3 to 4 years, generating a revenue of Rs. 1300 crores. The existing apartments, with a carpet area of 390 sq. ft., will be replaced by new units offering a carpet area of 603 sq. ft.
The redevelopment project by Kalpataru Limited aims to create an ultra-luxurious residential development that exudes style and sophistication. The gated community will feature row houses designed to showcase elegance and grandeur. The agreement for the project, signed on March 28th, had an estimated value of Rs. 177 crore, with a stamp duty of approximately Rs. 11.67 lakh for registration. With the thriving construction and real estate industry, many developers are focusing on building redevelopment, joint ventures, and development agreements to enhance the quality of buildings and provide residents with comfortable and elegant living spaces.
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