Real estate developer K Raheja Corp Homes has agreed to build a 1 million-SqFt luxury housing project on a prominent 3-acre land parcel in South Mumbai’s Mahalaxmi neighbourhood.
The project will be developed through an agreement to sell the plot currently owned by Modern India, which has business interests spanning across infrastructure, power generation, and real estate.
In accordance with the agreement, a certain percentage of the sales revenue from the sale of this land will be given to Modern India, a company supported by the Jatia family. K Raheja Corp Homes will design, authorise, develop, and sell the two super-structure towers project.
The aforementioned land parcel is next to Raheja Vivarea, a former super-premium residential project that was also built by K Raheja Corp Homes. The land parcel, which is currently being monetised by Modern India, was formerly occupied by a private textile mill. The entire project, for which the design and all required approvals are currently in place, should be completed by 2028.