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realty developer K Raheja CorpRaheja Corp Homes, the residential development arm, has entered into an agreement to develop a 1 million sq ft luxury housing project spread over 3 acres of prime land parcel in South. Mumbai‘s mahalakshmi territory.
The project will be developed through an agreement for the sale of the plot currently owned by modern india Whose business is spread across infrastructure, power generation and real estate.
As part of the deal, Modern India, promoted by the Jatia family, will be given consideration for the sale of this land as a certain percentage of the sale revenue. K Raheja Corp Homes will be responsible for the design, approval, development and sale of the project spread across two super-structure towers.
“South Mumbai continues to be the hub of growth and a preferred destination for corporate decision makers and business families. The response to our flagship projects including Raheja Vivaria and Raheja Artesia further reinforces this belief. The new project ‘Raheja Modern ‘Vivaria’ fits seamlessly with our business strategy of deepening presence in this SOBO micro market.” Ramesh RanganathanK Raheja, CEO of Corp Homes, told ET.
The said land parcel is adjacent to Raheja Vivaria, a super-premium residential project developed by erstwhile Raheja Corp Homes. Touted to be a residential hub for corporate dignitaries and CXOs, the project is spread over 14 acres and has five towers, of which the last tower is nearing completion.
The price of the last completed and registered transaction in Raheja Vivaria was over Rs 90,000 per sq ft in October. Recently, Rahul Bajaj’s family bought five sea-view apartments in Raheja Vivaria for around Rs 104 crore.
“This collaboration is a validation of the trust, affiliation and relationship that we share with the group. Having delivered over 3 million sq ft of ultra-luxury residential space in south Mumbai at Raheja Vivaria and Raheja Artesia, K Raheja Corp Homes has launched high has earned a reputation for curating quality real estate, and we are confident that this offering will also be a remarkable milestone,” said Mudit Jatia, executive director, Modern India.
The land parcel previously had a private textile mill and is now being monetized by modern India. The development of the entire project, for which the design and necessary approvals are already in place, is expected to be completed by 2028.
K Raheja Corp Homes is planning to develop apartments with 3 and 4 bedroom configurations up to the size of 8,500 sq. ft. carpet area per family in this project and all the apartments are west facing with views of Mahalaxmi Racecourse, Golf Course and Arabian Sea. Will be sea.
South Mumbai is one of the most expensive and sought-after property markets globally and has seen only a few land deals through joint developments, tie-ups and even outright acquisitions over the years.
Recently Shapoorji Pallonji Real Estate and Asia Pacific-focused investment firm PAG extended their brand and financing support respectively to revive The Minerva, a super-luxury residential project in Mahalaxmi.
K Raheja Corp Homes is the residential vertical of the K Raheja Corp Group. The company has developed over 10 million sq ft of mid-income and luxury housing across five cities in India including Mumbai, Pune, Hyderabad, Bangalore and Goa.
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