Kalpataru Ltd. has secured the rights to redevelop a housing society in Mumbai's Lokhandwala area, with a projected value of INR 2,100 crore. This ambitious project encompasses transforming nearly 4 acres of land, including 12 existing residential buildings, into a modern development exceeding 8 lakh sq. ft. Kalpataru plans to prioritize resident well-being by providing 3 lakh sq. ft of redeveloped space for existing residents, alongside saleable space projected to generate significant revenue. Emphasizing modern design and amenities, including green spaces with mangrove views, the project aligns with Mumbai's redevelopment boom, contributing to urban revitalization. This strategic move reflects Kalpataru's commitment to meeting evolving buyer preferences and capitalizing on Mumbai's real estate potential.
Real estate developer Kalpataru Ltd. has secured the rights to redevelop a large housing society in the city's western suburb of Andheri, specifically in the popular Lokhandwala locality. This INR 2,100 crore project signifies Kalpataru's strategic approach to capitalize on Mumbai's ongoing transformation.
This project involves redeveloping a housing society currently occupying nearly 4 acres (1.62 million sq. ft) of land. The existing layout consists of 12 residential buildings with a total area of 1.9 lakh sq. ft. Kalpataru plans a complete transformation, envisioning a modern development exceeding 8 lakh sq. ft in total area. This includes a significant 5 lakh sq. ft of saleable space, with the potential to generate over INR 2,100 crore in revenue for the company. The project prioritizes resident well-being by incorporating 3 lakh sq. ft of redeveloped space specifically for rehousing existing residents who are currently residing in a total area of 1.9 lakh sq. ft. Construction is expected to be completed within four years.
While specific plans are still under development, sources close to the project reveal that Kalpataru is prioritizing not just modern living spaces but also design and amenities that cater to current buyer preferences. The project is expected to offer residents "uninhibited views of mangroves," creating a unique living experience that blends urban convenience with a touch of nature. This focus on green spaces and modern amenities aligns with the growing demand for sustainable and holistic living environments in Mumbai.
This project is just one example of the ongoing redevelopment boom in Mumbai. With limited vacant land parcels available, the city relies heavily on redeveloping old housing societies to create new, modern living spaces. This not only benefits residents by providing them with upgraded apartments and amenities, but it also helps revitalize neighbourhoods and contributes to the city's overall infrastructure development. The Maharashtra government's recent decision to reduce stamp duty for residents in redeveloped societies is further expected to incentivize these projects, potentially unlocking even more redevelopment opportunities across the city.
Despite rising interest rates and property prices, Mumbai's real estate market continues to be a hotbed of activity. Luxury, premium, and mid-income segment properties are driving this growth, with record-breaking sales figures reported across these categories. Kalpataru's focus on large-scale redevelopment projects aligns with this trend, allowing them to tap into the demand for modern living spaces while contributing to the city's ongoing transformation. This move positions them to benefit from the positive market conditions and Mumbai's long-term growth potential.
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