Kalpataru, a realty developer, has acquired the rights to redevelop a housing society located in Mumbai’s Borivali suburb, spanning nearly 6 Acres. They plan to invest approximately INR 700 Crores to develop a residential project covering over 7 Lakh SqFt.
The completion of this project, which involves the redevelopment of Yoganand Co-Operative Housing Society and currently houses around 400 residents, is expected within 3-4 years. The estimated revenue from the project is INR 1,300 Crores.
Under the development agreement, Kalpataru will develop and deliver a carpet area of over 2.41 Lakh SqFt, complying with RERA regulations, to the existing residents. Currently, the residents occupy a carpet area of 1.56 Lakh SqFt in the society. Constructed around 1974, the housing society currently has a total of 11 buildings comprising ground plus three upper floors. These existing buildings have a total of 400 apartments spread over 390 SqFt. carpet area. The developer will be providing new apartments spread over 603 SqFt. to residents against their existing residential units.
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