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

07 Oct 2025

India To Invest $37 Billion To Boost Petrochemical Capacity

India is set to become a major global player in the petrochemicals industry, driven by a planned capital expenditure of $37 billion (Rs 3.1 trillion) aimed at reducing import dependency and enhancing self-sufficiency, according to S&P Global Ratings.In its latest report titled “First China, Now India: Self-Sufficiency Goals Will Add To Petrochemicals Supply”, S&P said India’s large-scale capacity expansion—mirroring China’s earlier push—will likely intensify oversupply pressures in Asia’s petrochemical markets.Currently the world’s third-largest petrochemical consumer a..

Infrastructure Transport

07 Oct 2025

Indian Railways Expands Global Exports Of Rail Equipment

Indian Railways has announced that it is rapidly emerging as a global exporter of railway equipment, including bogies, coaches, locomotives, and propulsion systems, under the government’s ‘Make in India, Make for the World’ initiative.According to an official statement, India’s railway products are now reaching over 16 international markets, reflecting the country’s growing capacity to design, develop, and deliver world-class rail solutions.Metro coaches have been exported to Australia and Canada; bogies to the United Kingdom, Saudi Arabia, France, and Australia; propulsion systems t..

Infrastructure Transport

07 Oct 2025

RailTel Awards Rs 163 Million Contract To RTNS Technology

RailTel Corporation of India Limited (RailTel), a Mini Ratna Public Sector Undertaking, has awarded a domestic work order worth Rs 163 million to RTNS Technology Private Limited.The contract, issued on 30 September 2025, involves the supply and installation of equipment and related services for one of RailTel’s key customers. The project underscores RailTel’s commitment to advancing technology and communication infrastructure through collaboration with domestic system integrators.RTNS Technology Private Limited, an ISO-certified system integrator, provides comprehensive solutions for perim..