K Raheja signs deal for 2.5-acre Mumbai Worli land development

29 Mar 2024 CW Team

Realty developer K Raheja Corp intends to transform a 2.5-acre land parcel in Mumbai?s Worli into a luxury residential project, anticipating revenue potential exceeding Rs 20 billion.

It was revealed by these sources that a revenue share structure has been finalised between the developer?s residential platform and the landlord for the proposed joint development. According to the arrangement, K Raheja Corp will receive a 57% revenue share, while the remaining 43% will be allocated to the landlord.

Under the terms of this agreement, the developer will assume responsibility for all planning, design, approvals, execution, branding, and sales efforts. The agreement specifies that K Raheja Corp is expected to complete the project within a span of five years.

One of the aforementioned individuals stated that the entire project is estimated to encompass a development potential of approximately 3 lakh sq ft carpet area. The agreement pertaining to the joint development was reportedly registered on Wednesday.

It was noted that approximately one-third of the land parcel currently accommodates an office building spanning over 40,000 sq ft of leased space, while the remainder comprises some commercial outlets alongside vacant portions. Some portion of the land is freehold, while others are leasehold, necessitating approval from the Maharashtra Housing & Area Development Authority (MHADA).

Over the preceding two years, there has been a notable upsurge in demand and sales activity within the Indian luxury housing market across the nation's top eight cities.

As per a JLL India analysis, the luxury property market in India witnessed a growth of over 1.5 times in the sales value of luxury homes priced at Rs 500 million and above, reaching Rs 4,319 crore in 2023 compared to Rs 28.59 billion in 2022.

This increase in sales value was accompanied by a rise in the number of transactions, with at least 45 luxury homes sold in 2023 compared to 29 homes sold in the previous year. Of these transactions, 58% comprised apartments, while the remaining 42% constituted bungalows.

Realty developer K Raheja Corp intends to transform a 2.5-acre land parcel in Mumbai?s Worli into a luxury residential project, anticipating revenue potential exceeding Rs 20 billion. It was revealed by these sources that a revenue share structure has been finalised between the developer?s residential platform and the landlord for the proposed joint development. According to the arrangement, K Raheja Corp will receive a 57% revenue share, while the remaining 43% will be allocated to the landlord. Under the terms of this agreement, the developer will assume responsibility for all planning, design, approvals, execution, branding, and sales efforts. The agreement specifies that K Raheja Corp is expected to complete the project within a span of five years. One of the aforementioned individuals stated that the entire project is estimated to encompass a development potential of approximately 3 lakh sq ft carpet area. The agreement pertaining to the joint development was reportedly registered on Wednesday. It was noted that approximately one-third of the land parcel currently accommodates an office building spanning over 40,000 sq ft of leased space, while the remainder comprises some commercial outlets alongside vacant portions. Some portion of the land is freehold, while others are leasehold, necessitating approval from the Maharashtra Housing & Area Development Authority (MHADA). Over the preceding two years, there has been a notable upsurge in demand and sales activity within the Indian luxury housing market across the nation's top eight cities. As per a JLL India analysis, the luxury property market in India witnessed a growth of over 1.5 times in the sales value of luxury homes priced at Rs 500 million and above, reaching Rs 4,319 crore in 2023 compared to Rs 28.59 billion in 2022. This increase in sales value was accompanied by a rise in the number of transactions, with at least 45 luxury homes sold in 2023 compared to 29 homes sold in the previous year. Of these transactions, 58% comprised apartments, while the remaining 42% constituted bungalows.

Technology

28 Aug 2025

Godrej Enterprises Group Launches SafeLog IoT Solution for Forklifts

Godrej Enterprises Group (GEG), through its Material Handling Equipment (MHE) business, has introduced SafeLog – Vehicle Monitoring System, an IoT-enabled solution aimed at improving safety, efficiency, and reliability in forklift operations. The system delivers real-time insights, proactive maintenance alerts, and fleet analytics, enabling businesses to reduce unplanned downtime by 10 per cent and enhance asset utilisation by 15 per cent. Integrated into GEG’s forklift range, SafeLog is designed for seamless scalability and reliability, even in low-connectivity environments. Data is ..

Resources

28 Aug 2025

Garuda Aerospace Hosts Defence Officers at New Chennai Facility

Garuda Aerospace, backed by M.S. Dhoni, hosted officers from the College of Defence Management (CDM), Hyderabad, at its newly inaugurated manufacturing facility in Chennai. The visit underscored the growing collaboration between India’s defence sector and its emerging drone industry, highlighting the role of unmanned aerial vehicles (UAVs) in modern defence operations. Officers and trainees toured the Drone Assembly and Quality Assurance Zone, R&D and Simulation/Testing Rooms, and the RPTO Training Facility. They gained exposure to Garuda’s production, simulation, and pilot traini..

Infrastructure Transport

28 Aug 2025

Man Structurals Completes Katni Grade Separator Project Trial Run

Man Structurals has marked a milestone with the successful trial run of the Katni Grade Separator Project on July 19, 2025. Executed by IRCON under the West Central Railway Zone, the project is among Asia’s longest grade separator bridges. The company’s role in the UP Line trial received recognition from the Hon’ble Minister of Railways, Shri Ashwini Vaishnaw. “It’s an honour to contribute to a project of national importance,” said Gaurav Rungta, Managing Director, Man Structurals. “Being part of such a transformative initiative and receiving recognition at the highest level..