Realty developer Kalpataru Ltd has acquired the rights to redevelop a large housing society in Mumbai, spread over nearly 4 Acres. The project, located in Andheri’s Lokhandwala, has an estimated revenue potential of INR 2,100 Crore. Kalpataru has inked the development agreement for this project, which is expected to be completed in nearly four years.
The proposed redevelopment project has an anticipated development area of 8 Lakh-SqFt including 5 Lakh-SqFt of saleable area. The existing layout comprises 12 residential buildings housing 290 apartments spread over 1.90 Lakh-SqFt. The redevelopment project aims to provide 3 Lakh-SqFt of redeveloped space. It will offer an uninhibited view of the mangroves.
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Additionally, Kalpataru has acquired the rights to redevelop another housing society spread over nearly 6 Acres in Mumbai’s Borivali suburb. The company plans to invest an estimated INR 700 Crore in this project. It has a development potential of approximately 700,000 SqFt and comprises the redevelopment of the Yoganand Co-Operative Housing Society. It is expected to be completed within 3-4 years and has an estimated revenue potential of INR 1,300 Crore.
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