Paradigm Realty signs Rs 45 bn agreement to redevelop 11 societies

28 Jun 2024 CW Team

In Bandra?s Pali Hill and Carter Road areas, and Kandivali?s Mahavir Nagar, the redevelopment projects are expected to yield significant returns. The Pali Hill and Carter Road projects, each spread over about half an acre, have a development potential of 150,000 sq ft and 160,000 sq ft respectively, with estimated revenue of Rs 5 billion each. The Mahavir Nagar project has a development potential of over 2.5 million sq ft, including a free-sale RERA carpet area of up to 1 million sq ft, valued at nearly Rs 35 billion.

"We plan to develop luxury gated projects on all three layouts. These projects will be financed through our internal accruals, construction finance, equity, and pre-sales. We are currently seeking approvals for the development plans, which are expected in the next few months, with the launch anticipated in the fourth quarter of this financial year," Parth Mehta, CMD, Paradigm Realty, told the source.

The developer has paid Rs 100 million as stamp duty for the registration of the redevelopment agreement with nine housing societies in Kandivali?s Mahavir Nagar. This marks the fifth project undertaken by Paradigm Realty in Mumbai's western suburbs. The company has already delivered over 1,200 apartments across three completed projects in Kandivali and Borivali, bringing the total to 3,000 completed apartments in the western suburbs over the last five years. Additionally, the developer has an ongoing luxury project with 250 apartments in the vicinity, expected to result in the development of 600 apartments.

In recent years, many realty developers have shifted to asset-light models such as joint development and development management agreements. Redevelopment of old housing societies and rehabilitation projects are crucial in Mumbai?s property market due to the scarcity of vacant land parcels. Last year, the Maharashtra government announced that members of housing societies undergoing redevelopment would not need to pay stamp duty on the allotted permanent accommodation, except for a nominal fee of Rs 100. This policy is expected to accelerate the redevelopment of many old and dilapidated housing societies across key cities in the state. (Source: ET)

Paradigm Realty has entered into agreements to redevelop 11 housing societies in Mumbai's western suburbs of Bandra and Kandivali, with potential consolidated revenue of around Rs 45 billion. These projects, covering over five acres, have a development potential of more than 2.8 million sq ft. In Bandra?s Pali Hill and Carter Road areas, and Kandivali?s Mahavir Nagar, the redevelopment projects are expected to yield significant returns. The Pali Hill and Carter Road projects, each spread over about half an acre, have a development potential of 150,000 sq ft and 160,000 sq ft respectively, with estimated revenue of Rs 5 billion each. The Mahavir Nagar project has a development potential of over 2.5 million sq ft, including a free-sale RERA carpet area of up to 1 million sq ft, valued at nearly Rs 35 billion. We plan to develop luxury gated projects on all three layouts. These projects will be financed through our internal accruals, construction finance, equity, and pre-sales. We are currently seeking approvals for the development plans, which are expected in the next few months, with the launch anticipated in the fourth quarter of this financial year, Parth Mehta, CMD, Paradigm Realty, told the source. The developer has paid Rs 100 million as stamp duty for the registration of the redevelopment agreement with nine housing societies in Kandivali?s Mahavir Nagar. This marks the fifth project undertaken by Paradigm Realty in Mumbai's western suburbs. The company has already delivered over 1,200 apartments across three completed projects in Kandivali and Borivali, bringing the total to 3,000 completed apartments in the western suburbs over the last five years. Additionally, the developer has an ongoing luxury project with 250 apartments in the vicinity, expected to result in the development of 600 apartments. In recent years, many realty developers have shifted to asset-light models such as joint development and development management agreements. Redevelopment of old housing societies and rehabilitation projects are crucial in Mumbai?s property market due to the scarcity of vacant land parcels. Last year, the Maharashtra government announced that members of housing societies undergoing redevelopment would not need to pay stamp duty on the allotted permanent accommodation, except for a nominal fee of Rs 100. This policy is expected to accelerate the redevelopment of many old and dilapidated housing societies across key cities in the state. (Source: ET)

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