K Raheja Corp buys rights for 153,000 sq ft FSI in Mumbai’s Wadala

15 Feb 2023 CW Team

The FSI rights will be used to create the free-sale component of a slum rehabilitation project in Shanti Nagar, Wadala. The project's slum redevelopment component, which includes the new tenements, has been finished and has already earned its Occupation Certificate (OC).

On December 16, 2022, the Slum Rehabilitation Authority issued the OC for the ground plus 1st to 19th upper levels of the project's rehabilitation portion.

According to the legislation governing slum rehabilitation projects, the free-sale component can only be sold when the rehabilitation element has been completed. With the FSI rights, the corporation can build around 350 residential apartments.

The company paid almost Rs 165 million in stamp duty for the registration of the deal on January 25, according to paperwork retrieved through CRE Matrix, a real estate data analytics service.

K Raheja Corp bought the development rights through its subsidiary K Raheja Corp Realty, which will pay the full value to the sellers in six tranches. K Raheja Corp has already paid the seller the first tranche, which amounts to approximately 10% of the entire value and totals more than Rs 275.1 million.

The second tranche of 10% funding will be given after the developer completes the plinth level, and the third tranche of Rs 550.2 million will be paid after the developer secures building clearances from the Ministry of Environment and Forest (MoEF). Upon completion of each slab, the buyer will pay 2% of the total consideration amount.

The authority has granted the free-sale component of the project a start date of June 2022. While the overall land parcel is larger than an acre, the area for the free sale component is the remaining usable fraction once the rehabilitation section is completed.

Also Read
K Raheja Corp purchases rights for a 1.53 lakh sq ft FSI in Mumbai
Jaypee Infratech's net loss increased to Rs 601 crore in Q3 FY23

K Raheja Corp has purchased around 153,000 sq ft of floor space index (FSI) rights in central Mumbai's Wadala neighbourhood from a joint venture of MM Developer and Saroj Landmark Realty LLP for more than Rs 2.75 billion. The FSI rights will be used to create the free-sale component of a slum rehabilitation project in Shanti Nagar, Wadala. The project's slum redevelopment component, which includes the new tenements, has been finished and has already earned its Occupation Certificate (OC). On December 16, 2022, the Slum Rehabilitation Authority issued the OC for the ground plus 1st to 19th upper levels of the project's rehabilitation portion. According to the legislation governing slum rehabilitation projects, the free-sale component can only be sold when the rehabilitation element has been completed. With the FSI rights, the corporation can build around 350 residential apartments. The company paid almost Rs 165 million in stamp duty for the registration of the deal on January 25, according to paperwork retrieved through CRE Matrix, a real estate data analytics service. K Raheja Corp bought the development rights through its subsidiary K Raheja Corp Realty, which will pay the full value to the sellers in six tranches. K Raheja Corp has already paid the seller the first tranche, which amounts to approximately 10% of the entire value and totals more than Rs 275.1 million. The second tranche of 10% funding will be given after the developer completes the plinth level, and the third tranche of Rs 550.2 million will be paid after the developer secures building clearances from the Ministry of Environment and Forest (MoEF). Upon completion of each slab, the buyer will pay 2% of the total consideration amount. The authority has granted the free-sale component of the project a start date of June 2022. While the overall land parcel is larger than an acre, the area for the free sale component is the remaining usable fraction once the rehabilitation section is completed. Also Read K Raheja Corp purchases rights for a 1.53 lakh sq ft FSI in Mumbai Jaypee Infratech's net loss increased to Rs 601 crore in Q3 FY23

Building Material

18 Sep 2025

Ambuja Cements Drags JSW Cement to Court Over ‘Kawach’ Brand

Ambuja Cements, part of the Adani Group, has filed a trademark infringement case against JSW Cement in the Delhi High Court, alleging that its rival copied the ‘Kawach’ brand with its new product ‘Jal Kavach’.Justice Manmeet Pritam Singh Arora issued summons to JSW Cement and its subsidiary, JSW IP Holdings Pvt Ltd, while referring the matter to mediation. Hearings are scheduled to resume on October 15 if no settlement is reached.Ambuja, which registered the ‘Kawach’ trademark in 2019, argues that the term ‘Kavach’—meaning shield—is the distinctive feature of its branding. ..

Technology

18 Sep 2025

Bentley Systems Named Innovation Partner of the Year 2025 by Afcons

Bentley Systems, the infrastructure engineering software company, has been recognised by Afcons Infrastructure Limited as its Innovation Partner of the Year 2025 at the Innovation Partners 2025 Felicitation Ceremony in Mumbai. The award acknowledges Bentley’s contribution to Afcons’ engineering digitalisation journey through an enterprise agreement providing access to over 250 Bentley engineering software tools. This adoption has enabled Afcons to accelerate project delivery, standardise digital workflows, and strengthen innovation across its infrastructure portfolio. Among key i..

Infrastructure Urban

18 Sep 2025

SBI Sells 13.18% Stake in Yes Bank to Japan’s SMBC

State Bank of India (SBI) has completed the sale of a 13.18 per cent stake in Yes Bank to Japan’s Sumitomo Mitsui Banking Corporation (SMBC) for over Rs 8,889 crore. The divestment is part of a Rs 13,482 crore deal finalised in May with SMBC and seven private banks.Following the transaction, SBI’s shareholding in Yes Bank stands at 10.8 per cent. The deal, involving 4,134.4 million shares at Rs 21.50 each, is the largest cross-border transaction in the Indian banking sector.SBI Chairman C S Setty described the 2020 RBI-led rescue of Yes Bank as a pioneering public-private partnership, addi..