L&T to redevelop 31.25 lakh sq ft at Pachpakhadi in Thane
L&T to redevelop 31.25 lakh sq ft at Pachpakhadi in Thane
Real Estate

L&T to redevelop 31.25 lakh sq ft at Pachpakhadi in Thane

In what is considered one of the major real estate deals in the Mumbai Metropolitan Region, L&T Parel Projects agreed to develop a plot measuring 31.25 lakh sq ft (49,386 sq m) at Pachpakhadi in Thane. L&T entered into an agreement with Jagdale Infrastructure to develop the plot. The total RERA area to be developed is 31.25 lakh sq ft, and the total rehab area to be developed is 12.7 lakh sq ft.

According to a notification dated October 26, 2017, the land was declared a slum rehabilitation area under the provisions of Section 3C(1) of the Maharashtra Slum Area (Improvement, Clearance and Development) Act, 1971.

The developers would jointly develop the project land, which has a minimum developmental potential of a RERA carpet area of 31.25 lakh sq ft. The total agreement value is Rs 6.97 billion, and the stamp duty paid is Rs 340.88 million, according to documents accessed by CRE Matrix, a real estate data analytics firm.

The Slum Rehabilitation Authority (SRA), through a letter of intent dated December 7, 2022, approved the appointment of L&T Parel Projects as the developer of the land under the Slum Act and the relevant regulations of the UDCPR.

As per the agreement and mutual responsibilities, besides project obligations of the parties, it was agreed that the developer would be entitled to receive 31% of the net revenues. Similarly, the agreement specified that L&T would be entitled to receive 69% of the net revenue from the aggregate premises for its absolute and beneficial use as deemed fit.

In what is considered one of the major real estate deals in the Mumbai Metropolitan Region, L&T Parel Projects agreed to develop a plot measuring 31.25 lakh sq ft (49,386 sq m) at Pachpakhadi in Thane. L&T entered into an agreement with Jagdale Infrastructure to develop the plot. The total RERA area to be developed is 31.25 lakh sq ft, and the total rehab area to be developed is 12.7 lakh sq ft. According to a notification dated October 26, 2017, the land was declared a slum rehabilitation area under the provisions of Section 3C(1) of the Maharashtra Slum Area (Improvement, Clearance and Development) Act, 1971. The developers would jointly develop the project land, which has a minimum developmental potential of a RERA carpet area of 31.25 lakh sq ft. The total agreement value is Rs 6.97 billion, and the stamp duty paid is Rs 340.88 million, according to documents accessed by CRE Matrix, a real estate data analytics firm. The Slum Rehabilitation Authority (SRA), through a letter of intent dated December 7, 2022, approved the appointment of L&T Parel Projects as the developer of the land under the Slum Act and the relevant regulations of the UDCPR. As per the agreement and mutual responsibilities, besides project obligations of the parties, it was agreed that the developer would be entitled to receive 31% of the net revenues. Similarly, the agreement specified that L&T would be entitled to receive 69% of the net revenue from the aggregate premises for its absolute and beneficial use as deemed fit.

Next Story
Infrastructure Transport

Vishnu Prakash R Punglia Wins Rs.90.89 Crore Railway Contract

Vishnu Prakash R Punglia Ltd. has announced the receipt of a significant letter of acceptance (LoA) from the Office of DYCE-C-BKN-ENGINEERING, North Western Railway, Bikaner. The contract, valued at ?908.9 million, encompasses a range of infrastructure works between Sadulpur and Churu as part of the Churu-Sadulpur Doubling Project. The project involves extensive earthwork including filling and cutting in formation, blanketing, construction of minor bridges, low-height subways (LHS), foot overbridges (FOB), platforms and platform shelters, as well as S&T structures, cable ducting, and other an..

Next Story
Infrastructure Urban

India and US to Lead Critical Tech Development, Says NSA Ajit Doval

India and the United States must stay at the forefront of developing critical technologies to protect their value systems and strategic interests, National Security Advisor Ajit Doval stated. Doval made these remarks alongside his American counterpart, Jake Sullivan, during the iCET (India-US initiative on Critical and Emerging Technology) industry roundtable hosted by the Confederation of Indian Industry (CII). Doval's comments followed the unveiling of a series of transformative initiatives aimed at deepening India-US cooperation in areas such as artificial intelligence, semiconductors, cri..

Next Story
Infrastructure Energy

NTPC Partners with Macawber Beekay for Green Coal Projects in India

State-owned power giant NTPC has enlisted Macawber Beekay to supply green coal, derived from municipal solid waste (MSW), to reduce carbon emissions in electricity generation, announced the waste-to-energy firm. Macawber Beekay Private Ltd (MBL) revealed in a statement that it has secured three NTPC Green Coal projects located in Noida (Uttar Pradesh), Bhopal (Madhya Pradesh), and Hubbali (Karnataka). Green coal, a type of charcoal produced through the thermal treatment process of torrefaction in an oxygen-deficient environment, will be manufactured in three new units. These units will treat 9..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000

Join us Telegram