Chandak Group procures 3.6 acre Andheri housing redevelopment

08 Aug 2023 CW Team

Realty developer Chandak Group has announced that they had entered into an agreement to redevelop a housing society that covers an area of 3.6 acres in Mumbai's Andheri suburb. The project is expected to have a total development potential exceeding 460,000 sq ft.

Within this potential development, the project aims to offer a saleable area of more than 281,000 sq ft, which is estimated to generate a revenue of Rs 9.56 billion. The projected completion time for this endeavour is set at four years.

The agreement was signed by the developer through their group entity, Chandak Realtors. This entity has also paid a stamp duty of Rs 90.06 million for the registration, as revealed by documents accessed via Indextap.com.

Abhay Chandak, the director of Chandak Group, mentioned, "The agreement with the housing society has recently been concluded. We have applied for the necessary permissions, which we anticipate obtaining shortly. Given our track record of successful execution and our accumulated experience, we hold a confident stance in achieving project completion within the designated four-year timeframe."

Currently accommodating 340 members, the housing society boasts a developed carpet area exceeding 107,000 sq ft. The developer plans to offer the society a completely redeveloped carpet area of 179,000 sq ft, in accordance with RERA guidelines.

Chandak Group has successfully wrapped up more than 30 projects and has eight ongoing projects scattered across Mumbai, encompassing five residential developments.

In the sphere of redevelopment and rehabilitation, the company has effectively delivered six projects, constituting a cumulative area of 4.3 million sq ft. Their portfolio includes an additional eight upcoming and ongoing projects in this sector, with a total area spanning 9 million sq ft.

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