Kalpataru invests Rs 7 billion, acquires Borivali's redevelopment

Kalpataru, a real estate developer, has obtained the rights to redevelop a housing society situated in the Borivali suburb of Mumbai, covering an area of approximately 6 acre. They intend to invest around Rs 7 billion in order to create a residential project spanning over 7 lakh sq ft. It is anticipated that the completion of this project, which entails the redevelopment of Yoganand Co-Operative Housing Society and presently accommodates around 400 residents, will take place within a timeframe of 3-4 years. The projected revenue from the project is estimated to be Rs 13 billion. As per the terms of the development agreement, Kalpataru will construct and deliver a carpet area exceeding 2.41 lakh sq ft, in compliance with RERA regulations, to the current residents. At present, the residents occupy a carpet area of 1.56 lakh sq ft within the society. The housing society, built in 1974, currently comprises a total of 11 buildings consisting of ground plus three upper floors. These existing buildings house a total of 400 apartments spread across a carpet area of 390 sq ft. The developer will provide new apartments, covering an area of 603 sq ft, to the residents in exchange for their current residential units. Also read: Bombay HC refuses to defer demolition of Jogeshwari structures Ahluwalia Contracts surges 10% after securing Rs 4.27 bn work order