Kanakia Spaces has signed two separate agreements to undertake the redevelopment of two major housing societies in Borivali, Mumbai. The project spans an anticipated 3.3 Acres of land parcel. It involves an estimated investment of 1,100 INR-Crore.
This redevelopment boasts a massive potential of over 1.2 Million-SqFt, including 6 Lakh-SqFt of rehab saleable area. The gross development value is around 1,500 INR-Crore. The first society, Shree Mohan Chs Ltd, stretches across an anticipated 2.02 Acres. There will be an additional 36% increase in space, totaling 96,038 SqFt RERA carpet in the redeveloped building.
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Meanwhile, the second society, Shree Balwant Chs Ltd, covers around 1.31 Acres. Residents will receive 45% more space above the existing 55,869 SqFt of carpet area, alongside 51 parking spots. Kanakia Spaces aims to complete the redevelopment within 36 months, with work expected to commence in the next six months.
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