Kanakia Spaces inks Rs 2.08 billion deal for Borivali redevelopment

01 Oct 2024 CW Team

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)

Infrastructure Urban

02 Jun 2026

VECV Sales Rise 7.8 Per Cent In May 2026

VE Commercial Vehicles recorded sales of 7,978 units in May 2026, compared to 7,401 units in May 2025, registering growth of 7.8 per cent. This included 7,789 units from the Eicher brand and 189 units from the Volvo brand.Eicher branded trucks and buses reported sales of 7,789 units during the month, up 7.3 per cent from 7,258 units a year earlier. In the domestic commercial vehicle market, Eicher sales rose 9.1 per cent to 7,375 units from 6,758 units in May 2025.Exports declined 17.2 per cent to 414 units from 500 units in the corresponding month last year. Volvo Trucks and Volvo Buses recor..

Table Space Strengthens DESYN Leadership Team

Table Space has announced strategic leadership appointments within DESYN, its integrated Design and Build business, as it looks to strengthen operations across key enterprise and GCC markets in India. DESYN was launched as a strategic extension of Table Space’s workspace solutions portfolio to meet rising demand for agile, high-quality and rapidly deployable enterprise workspaces.Shruti Ookabhoy has joined DESYN as Executive Director and will lead the Design vertical, focusing on design capability, operational excellence and team development across markets. She brings over 22 years of experi..

Concord Associate Bags Rs 2.79 Bn Kavach Order

Concord Control Systems said its associate company, Progota India, has received a Rs 2.79 bn domestic order from Indian Railways for the supply, installation, testing and commissioning of on-board Kavach 4.0 loco equipment.The order is scheduled for execution within 12 months and strengthens Concord’s role in India’s railway safety and signalling ecosystem. Kavach is India’s indigenous automatic train protection system, designed to improve operational safety by helping prevent signal passing at danger and reducing collision risks.Gaurav Lath, Joint Managing Director, Concord Control Syst..