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Kalpataru Ltd has announced a large cluster redevelopment project in Ashok Nagar, Kandivali East, Mumbai, with an estimated revenue potential of around INR 1,250 crore. The project includes the redevelopment of five adjoining housing societies spread across 2.8 acres and carries a free-sale potential of nearly 0.37 million sq ft carpet area. The company said the redevelopment is part of its long-term strategy to expand in Mumbai’s redevelopment market, where aging housing societies and limited land availability continue to drive demand for such projects.
Kalpataru Ltd said earlier this week that it expects to generate around INR 1,250 crore in revenue from a new cluster redevelopment project in Kandivali East, Mumbai. Advertisement
In a regulatory filing, the company said it has signed a redevelopment agreement for five adjoining housing societies located in Ashok Nagar. The project, named Ashokgram Cluster, will be developed across nearly 2.8 acres.
The redevelopment project has a free-sale potential of around 0.37 million sq ft carpet area. The company is expected to launch residential units under the redevelopment once approvals and planning processes are completed.
Managing Director Parag Munot said the company views redevelopment as a process that helps renew older residential communities and improve urban living conditions. He added that such projects play an important role in creating modern housing infrastructure in densely populated parts of Mumbai.
Mumbai continues to remain one of the country’s largest redevelopment markets due to limited land availability and the increasing number of aging residential societies requiring reconstruction. Cluster redevelopment projects have also gained momentum in recent years as developers look to unlock larger land parcels through multiple society agreements instead of standalone redevelopments.
Kalpataru has been expanding its presence in redevelopment-led projects across the Mumbai Metropolitan Region. The company is among the established real estate developers in the country with a presence across residential, commercial and township developments.
According to company data, Kalpataru has completed 83 projects covering more than 23.3 million sq ft of developable area. It currently has 31 ongoing and upcoming projects spread across nearly 43 million sq ft in cities including Mumbai, Thane, Panvel, Pune, Lonavala, Nagpur, Noida and Hyderabad.
Source PTI
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