Kochra Realty, a real estate developer, has taken control of a stressed residential project valued at INR 700 crore, which has faced prolonged delays in Mumbai’s Dahisar suburb. The company intends to revitalize the halted project and is targeting a full completion by 2025.
Previously, the project, which had around 600 homebuyers, was under the development of Ashapura Housing and received financial backing from an alternate investment fund. Kochra Realty has taken over the project’s debt and acquired the redevelopment endeavor, encompassing a total of five towers, from the previous developer.
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Upon acquiring the project, Kochra Realty plans to deliver approximately 384 apartments from the total inventory by the end of this year, with possession for the remaining apartments across two towers scheduled for early 2025.
According to estimates, the project with a topline of INR 700 Crore needs a total investment of around INR 215 Crore for its completion.
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