K Raheja Corp purchases rights for a 1.53 lakh sq ft FSI in Mumbai

14 Feb 2023 CW Team

The FSI rights are for the creation of the free-sale portion of a project to renovate a shanty neighbourhood in Wadala. The project's slum redevelopment component, which included the new tenements, is now complete and has been issued an Occupation Certificate (OC).

On December 16, 2022, the Slum Rehabilitation Authority granted the OC with regard to the ground floor plus the first through nineteenth upper floors of the rehabilitation portion of the project.

According to the rules governing slum rehabilitation projects, the free-sale section can only be sold after the rehabilitation phase is finished. With the aforementioned FSI rights, the corporation is able to create around 350 residential apartments.

The company had paid stamp duty of more than Rs 160 million for the registration of the transaction that happened on January 25.

Through its subsidiary K Raheja Corp Realty, which will pay the whole payment to the sellers in a total of 6 tranches, K Raheja Corp has purchased the development rights. K Raheja Corp has already paid the seller the first instalment, which represents about 10% of the entire consideration and totals more than Rs 270 million.

After the developer completes the plinth level, the next 10% of the funds will be due, and after the developer receives the building's permission from the Ministry of Environment and Forest (MoEF), the third tranche of the consideration, costing Rs 550 million, will be due. Upon completion of each slab, the buyer will pay 2% of the entire consideration sum.

The free-sale portion of the project will officially begin in June 2022 thanks to a commencement certificate from the authority. The space for the free sale component is the remaining piece that is available once the rehabilitation element has been completed, even though the overall property parcel spans more than an acre.

Also read:
Oberoi Realty's net profit increases by 50.27% in Q3 FY23
Arkade Group buys 1030 million plot from Bajaj group firm in Mumbai

A joint venture between MM Developer and Saroj Landmark Realty LLP sold floor space index (FSI) rights of almost 1.53 lakh sq ft in central Mumbai's Wadala area to real estate developer K Raheja Corp for more than Rs 2.75 billion. The FSI rights are for the creation of the free-sale portion of a project to renovate a shanty neighbourhood in Wadala. The project's slum redevelopment component, which included the new tenements, is now complete and has been issued an Occupation Certificate (OC). On December 16, 2022, the Slum Rehabilitation Authority granted the OC with regard to the ground floor plus the first through nineteenth upper floors of the rehabilitation portion of the project. According to the rules governing slum rehabilitation projects, the free-sale section can only be sold after the rehabilitation phase is finished. With the aforementioned FSI rights, the corporation is able to create around 350 residential apartments. The company had paid stamp duty of more than Rs 160 million for the registration of the transaction that happened on January 25. Through its subsidiary K Raheja Corp Realty, which will pay the whole payment to the sellers in a total of 6 tranches, K Raheja Corp has purchased the development rights. K Raheja Corp has already paid the seller the first instalment, which represents about 10% of the entire consideration and totals more than Rs 270 million. After the developer completes the plinth level, the next 10% of the funds will be due, and after the developer receives the building's permission from the Ministry of Environment and Forest (MoEF), the third tranche of the consideration, costing Rs 550 million, will be due. Upon completion of each slab, the buyer will pay 2% of the entire consideration sum. The free-sale portion of the project will officially begin in June 2022 thanks to a commencement certificate from the authority. The space for the free sale component is the remaining piece that is available once the rehabilitation element has been completed, even though the overall property parcel spans more than an acre. Also read: Oberoi Realty's net profit increases by 50.27% in Q3 FY23 Arkade Group buys 1030 million plot from Bajaj group firm in Mumbai

Infrastructure Urban

09 Jan 2026

Titan Intech Strengthens UltraLED Push With Global LED Veteran

Titan Intech has announced the induction of global LED industry veteran Su Piow Ko to its Board of Directors, marking a strategic step in strengthening its UltraLED Displays roadmap and building globally competitive LED display solutions from India.The appointment aligns with Titan Intech’s ambition to position India as a hub for advanced, high-quality LED display manufacturing. With an increased focus on UltraLED Displays, the company aims to enhance technical governance, raise manufacturing standards and expand its presence across global markets.Su Piow Ko brings over three decades of inte..

Infrastructure Urban

09 Jan 2026

Dun & Bradstreet Flags New Growth Engines in India 2026 Outlook

Dun & Bradstreet has released its India 2026: D&B’s Perspective report, projecting a stable macroeconomic environment underpinned by fresh opportunities for productivity-led and inclusive growth. The report outlines how India’s next growth phase will be driven by digitised logistics, trusted data ecosystems, clean energy and rising city vitality.According to the outlook, India’s GDP growth is expected to reach around 6.6 per cent by FY2027, supported by resilient consumer demand and sustained public investment. Manufacturing is seen entering a new phase, moving beyond scale towar..

Building Material

09 Jan 2026

Sources Unlimited Introduces Vitamine Pendant Lamp by Melogranoblu

Sources Unlimited has launched the Vitamine Pendant Lamp by Melogranoblu in India, expanding its portfolio of curated international luxury lighting solutions. Designed and crafted in Italy, the Vitamine pendant reflects contemporary glass artistry, combining hand-blown craftsmanship with refined aesthetics and atmospheric illumination.The Vitamine Pendant Lamp is sculpted in hand-blown glass and is available in frosted, silver and black metallised finishes. Each finish offers a distinct visual identity while maintaining a cohesive and sophisticated design language. The lamp’s softly contoure..