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

Real Estate

02 Apr 2026

Indian real estate attracts USD 1.4 bn institutional investments in Q1 2026: Vestian

Institutional investments in India’s real estate sector touched USD 1.4 billion in Q1 2026, marking the highest first-quarter inflow since 2022, according to Vestian. While investments fell 62 per cent quarter-on-quarter due to an exceptionally high base in the previous quarter, they rose 74 per cent compared to the same period last year, reflecting sustained investor confidence despite rising geopolitical and macroeconomic challenges.Commercial real estate remained the key driver of investment activity during the quarter, accounting for 80 per cent of total inflows, sharply higher than 38 p..

Infrastructure Transport

02 Apr 2026

VECV crosses 1 lakh annual vehicle sales milestone in FY26

VE Commercial Vehicles (VECV), a joint venture between Volvo Group and Eicher Motors, has surpassed the 1 lakh annual sales mark in FY 2025–26, recording its highest-ever commercial vehicle sales performance. The company said it sold more than 100,000 vehicles during the year, marking a major milestone aligned with the original vision of the Volvo–Eicher joint venture.The strong performance was supported by demand across categories. Light and Medium Duty (LMD) trucks contributed 47,789 units, accounting for 46.1 per cent of total sales. Heavy Duty (HD) trucks recorded 26,867 units (25.9 pe..

Technology

02 Apr 2026

Rodic Digital & Advisory partners SatSure to deploy EO intelligence in public sector

Rodic Digital & Advisory (RDA), the strategic advisory and digital transformation arm of Rodic Consultants, has signed a strategic cooperation Memorandum of Understanding (MoU) with SatSure to jointly pursue opportunities in India’s public sector. The collaboration aims to integrate high-resolution Earth Observation (EO) data and geospatial AI into government workflows to strengthen monitoring, compliance, and operational decision-making across key sectors.The partnership combines SatSure’s Earth intelligence capabilities with RDA’s expertise in government digital transformation and ..