+
Mahindra Lifespaces joins forces with Landowner for Bhandup project
Real Estate

Mahindra Lifespaces joins forces with Landowner for Bhandup project

A vast 37-acre expanse in Bhandup, one of Mumbai's largest land holdings, previously owned by the now-defunct engineering firm Guest Keen Williams (GKW), is set to undergo a joint development venture between the landowner, industrialist K K Bangur, and the real estate company Mahindra Lifespaces.

The project, which will encompass a mix of residential, retail, and office spaces, has been valued between Rs 80 billion and Rs 110 billion, according to an insider familiar with the deal. Despite its prime location near the railway station and LBS Marg, the property struggled to find a buyer at its initial price of Rs 25 billion. After unsuccessful attempts to sell it outright, Bangur opted for a joint development agreement with Mahindra Lifespaces.

Although Amit Hariani, Chairman of Mahindra Lifespaces, declined to comment, sources confirmed that a term sheet for the joint development had been recently signed. The developer made a substantial deposit to the owner and will have the opportunity to sell approximately 40 lakh sq ft of carpet area. The current market price in Bhandup stands at around Rs 22,000-24,000/sq ft.

The project's completion is expected to take eight to ten years. Under the agreement, the owner will receive a share of the profits, while the developer will handle obtaining permissions, cover construction costs, and pay premiums. Moreover, provisions have been made for public amenities, including a park, municipal school, playground, and cultural theatre on the premises.

It's worth noting that in 2005, GKW had sold a portion of the Bhandup plot, approximately 22 acres, to the Neptune Group for Rs 920 million.

A vast 37-acre expanse in Bhandup, one of Mumbai's largest land holdings, previously owned by the now-defunct engineering firm Guest Keen Williams (GKW), is set to undergo a joint development venture between the landowner, industrialist K K Bangur, and the real estate company Mahindra Lifespaces. The project, which will encompass a mix of residential, retail, and office spaces, has been valued between Rs 80 billion and Rs 110 billion, according to an insider familiar with the deal. Despite its prime location near the railway station and LBS Marg, the property struggled to find a buyer at its initial price of Rs 25 billion. After unsuccessful attempts to sell it outright, Bangur opted for a joint development agreement with Mahindra Lifespaces. Although Amit Hariani, Chairman of Mahindra Lifespaces, declined to comment, sources confirmed that a term sheet for the joint development had been recently signed. The developer made a substantial deposit to the owner and will have the opportunity to sell approximately 40 lakh sq ft of carpet area. The current market price in Bhandup stands at around Rs 22,000-24,000/sq ft. The project's completion is expected to take eight to ten years. Under the agreement, the owner will receive a share of the profits, while the developer will handle obtaining permissions, cover construction costs, and pay premiums. Moreover, provisions have been made for public amenities, including a park, municipal school, playground, and cultural theatre on the premises. It's worth noting that in 2005, GKW had sold a portion of the Bhandup plot, approximately 22 acres, to the Neptune Group for Rs 920 million.

Next Story
Infrastructure Urban

Budget Proposal Aims to Boost Investments

The recent budget proposal has introduced measures designed to promote investments and generate job opportunities across various industries, as reported by the Economic Times. This initiative seeks to stimulate economic activity and strengthen the country's growth trajectory by encouraging both domestic and foreign investments. Key aspects of the proposal include targeted incentives for sectors poised for expansion, such as renewable energy, infrastructure, and technology. The government aims to create a more favorable investment climate by offering tax benefits, subsidies, and streamlined reg..

Next Story
Infrastructure Urban

Indian Financial System Resilient Amidst Challenges

The Reserve Bank of India (RBI) Deputy Governor M. Rajeshwar Rao has emphasized the robust nature of the Indian financial system despite global economic headwinds, according to Economic Times. Rao?s comments reflect confidence in the stability and resilience of India's financial sector amidst a backdrop of international economic uncertainties and financial volatility. Rao highlighted that India?s financial system is well-equipped to handle external shocks due to its solid regulatory framework and prudent risk management practices. The country?s banking sector has demonstrated resilience throug..

Next Story
Infrastructure Energy

SC Allows State Tax on Mines, Minerals

Opposition leaders have welcomed the Supreme Court's recent decision permitting states to levy taxes on mines and mineral-bearing lands, as reported. The ruling is seen as a significant victory for state governments seeking greater control and revenue from natural resource extraction within their jurisdictions. The Supreme Court?s decision empowers states to impose taxes on mining operations and mineral-rich lands, which could enhance their revenue streams and enable better management of local resources. This move is particularly important for states with substantial mineral resources, as it a..

Talk to us?