Mumbai's real estate market is set for a transformation as Paradigm Realty embarks on a monumental INR 4,500 crore redevelopment project across 11 housing societies in Bandra and Kandivali. This ambitious initiative promises modern luxury living with amenities like landscaped gardens and enhanced security, a significant upgrade from ageing structures. Beyond individual benefits, the project highlights Mumbai's focus on urban renewal amid land scarcity. It will add over 2.8 million square feet of living space, easing pressure on the city's housing market. The deal, boosted by Maharashtra's stamp duty waiver for society members, marks a pivotal step towards a more modern and sustainable cityscape.
Mumbai's skyline is about to be reshaped by a massive redevelopment deal. Paradigm Realty, a developer, has signed agreements to revitalise 11 housing societies spread across prime locations in Bandra and Kandivali, western suburbs of Mumbai. This ambitious project, valued at a staggering INR 4,500 crore, signifies a major trend in Mumbai's real estate market: the large-scale redevelopment of ageing societies.
For residents of these 11 societies, this deal represents a golden opportunity to upgrade their living situation. The redeveloped projects are envisioned as modern, luxury gated communities, offering a significant improvement over the existing structures. Residents can expect amenities like landscaped gardens, gyms, swimming pools, and enhanced security - a far cry from the limitations of older buildings.
But the impact goes beyond individual homes. This project is a sign of a growing focus on urban renewal in Mumbai. With limited land availability, redevelopment is crucial for creating modern housing options. This project alone will create over 2.8 million square feet of new living space, alleviating some of the pressure on Mumbai's real estate market.
This large-scale redevelopment also benefits the developer, Paradigm Realty. By focusing on redevelopment projects, they gain access to prime locations in established neighbourhoods. The redevelopment of these societies encompasses over five acres of land, offering valuable real estate within the city limits. Additionally, the Maharashtra government's recent decision to waive stamp duty for society members undergoing redevelopment makes these projects even more attractive for both residents and developers.
Under this new policy, members of these societies will only pay a nominal INR 100 as stamp duty on their allotted permanent accommodations within the redeveloped project. This significantly reduces the financial burden associated with the redevelopment process. However, the principal agreement between the developer and the housing society will be charged stamp duty as per conveyance.
Overall, this multi-crore deal between Paradigm Realty and the housing societies is a win-win. Residents get the chance to live in modern, upgraded homes (potentially over 600 new apartments) with a total free-sale RERA carpet area of up to 1 million sq ft in the Kandivali project alone. The developer gains access to valuable land and contributes to Mumbai's urban renewal efforts. This project is just one example of the growing importance of redevelopment in shaping the future of Mumbai's real estate landscape, potentially leading to a more modern and sustainable cityscape.
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