Kalpataru invests Rs 7 billion, acquires Borivali's redevelopment

19 Jun 2023 CW Team

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.

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