Real Estate developer K Raheja Corp recently announced developing a luxury residential project in Mumbai’s Worli over an anticipated 2.5 Acres of land. The project has a revenue potential of an estimated INR 2,000 Crore, whereas the developer plans to complete it within five years of commencement.
Raheja Corp will be responsible for the planning, design, approvals, execution, branding, and sales of the project. The luxury project has a development potential of nearly 3 Lakh SqFt. Around one-third of the land currently houses an office building with over 40,000 SqFt of leased space, alongside commercial outlets and a few vacant portions. Part of the land is freehold, whereas a portion is leasehold which needs approval from the Maharashtra Housing & Area Development Authority (MHADA).
Also Read: Top 10 Railway Redevelopment Projects in India 2024
The company registered an agreement for the proposed joint development on Wednesday, March 27. In this joint venture, Raheja Corp will get 57% of the revenue share while the landlord will get the remaining 43%.
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Disclaimer: The information herein is based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. Furthermore, The image featured in this article is for representation purposes only. It does not in any way represent the project. If you wish to remove or edit the article, please email editor@biltrax.com.
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