Kanakia Spaces inks Rs 2.08 billion deal for Borivali redevelopment
Real Estate

Kanakia Spaces inks Rs 2.08 billion deal for Borivali redevelopment

Kanakia Spaces Realty Pvt Ltd has secured the development rights for redeveloping two aging buildings in Borivali, Mumbai. The deal is valued at Rs 2.08 billion, according to property registration documents accessed by CRE Matrix.

The two housing societies, over 50 years old, are located in Govind Nagar and will be redeveloped under Maharashtra's cluster redevelopment policy. The transaction was registered on September 12, 2024, with a stamp duty payment of Rs 114 million.

The first building, Shree Mohan CHS Ltd, spans 2.02 acres, and its residents currently occupy 70,616 sq ft. Post-redevelopment, the residents will receive 36% more space, increasing the total area to 96,038 sq ft RERA carpet area, with each flat receiving a dedicated parking space.

The second building, Shree Balwant CHS Ltd, occupies 1.31 acres. Residents here will get a 45% increase in space over their existing 55,869 sq ft, along with 51 parking spaces.

During the redevelopment, tenants in both buildings will receive a monthly rental of Rs 60 per sq ft. The developer aims to complete the redevelopment within 36 months and achieve full occupancy certification in 66 months.

This project highlights a growing trend in Mumbai's real estate market, where developers like Macrotech, Rustomjee, and Puravankara are increasingly involved in the redevelopment of old buildings, capitalising on government policies that provide incentives for such projects. (HT)

Kanakia Spaces Realty Pvt Ltd has secured the development rights for redeveloping two aging buildings in Borivali, Mumbai. The deal is valued at Rs 2.08 billion, according to property registration documents accessed by CRE Matrix. The two housing societies, over 50 years old, are located in Govind Nagar and will be redeveloped under Maharashtra's cluster redevelopment policy. The transaction was registered on September 12, 2024, with a stamp duty payment of Rs 114 million. The first building, Shree Mohan CHS Ltd, spans 2.02 acres, and its residents currently occupy 70,616 sq ft. Post-redevelopment, the residents will receive 36% more space, increasing the total area to 96,038 sq ft RERA carpet area, with each flat receiving a dedicated parking space. The second building, Shree Balwant CHS Ltd, occupies 1.31 acres. Residents here will get a 45% increase in space over their existing 55,869 sq ft, along with 51 parking spaces. During the redevelopment, tenants in both buildings will receive a monthly rental of Rs 60 per sq ft. The developer aims to complete the redevelopment within 36 months and achieve full occupancy certification in 66 months. This project highlights a growing trend in Mumbai's real estate market, where developers like Macrotech, Rustomjee, and Puravankara are increasingly involved in the redevelopment of old buildings, capitalising on government policies that provide incentives for such projects. (HT)

Related Stories

Gold Stories

Next Story
Equipment

BEML Wins GeM Award for Highest MSE Order Value

BEML Limited has received the “Maximum Order Value to MSEs” award at the 10th Foundation Day celebrations of the Government e-Marketplace (GeM) held at Bharat Mandapam, New Delhi.Union Minister of Commerce and Industry Piyush Goyal presented the award, which was received on behalf of BEML by Anil Jerath, Director (Finance).The recognition acknowledges BEML's efforts to strengthen procurement from Micro and Small Enterprises (MSEs) through the GeM platform.BEML said its procurement initiatives are aimed at encouraging greater participation of MSEs in public procurement and supporting the gr..

Next Story
Equipment

BKT to Showcase Advanced Off-Highway Tyres at Bauma ConExpo

Balkrishna Industries Ltd (BKT) will showcase its latest off-highway tyre solutions at Bauma ConExpo India 2026, scheduled from September 15-18 at the India Expo Centre, Greater Noida.The company will display a range of application-specific tyres for construction, mining and industrial operations at Hall 12, Booth No. 1. Key products will include the EARTHMAX SR 30 for loaders and articulated dump trucks and the AIROMAX AM 27 for mobile cranes.BKT will also showcase MINE FORCE, EARTHMAX EXPERTO GD1, XL GRIP NEO, DYNA HAUL, CONSTEER and EARTHMAX SR423. The tyres are designed to operate under he..

Next Story
Products

Koemmerling opens Navi Mumbai experience centre

Koemmerling, a brand of the profine Group, has expanded its presence in the Mumbai metropolitan region with the opening of a new experience centre in Navi Mumbai and launched its Allure S46 minimal sliding door system for the Indian market.Located in CBD Belapur, the facility was inaugurated by Peter Mrosik, Owner and CEO, profine Group, along with Farid Khan, Chairman and Managing Director, profine India, and Kamal Bajaj, CEO, profine India.The company said the new centre will showcase its portfolio of uPVC and aluminium window and door systems to architects, developers and homeowners.The ina..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement