Macrotech, which operates under the brand name Lodha, have signed the agreement for the development of the free sale component in a slum rehabilitation project in Worli, Mumbai.
The estimated market value of the project is 359.48 INR-Crore, whereas the stamp duty paid was around 17 INR-Crore. The government will rehabilitate 172 slum dwellers through this project. The estimated deadline for the project is 5 years after receiving the commencement certificate from the State Real Estate Regulatory Authority.
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The overall area of the land is 85,153 SqFt, out of which 26,156 SqFt is being developed under the rehab component. Lodha Developers are developing the free sale built-up area of 22,438 SqFt. The approved FSI (Floor Space Index) is 5.172.
The transaction for the slum rehabilitation was registered on Wednesday, October 11. The agreement was signed between four parties- Macrotech Developers, Sattadhar Constructions, Promoter Manju Porwal, and Sattadhar Construction Private Limited.
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