Kalpataru acquires redevelopment project in Mumbai’s Borivali, to invest INR 700 Crore

Rutuja Kedare Jun 17, 2023 0

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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Disclaimer: The information contained herein has been compiled or arrived at, based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. The image featured in this article is for representation purposes only and does not in any way represent the project. If you wish the article to be removed or edited, please email editor@biltrax.com.


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