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).
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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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