[ad_1]
realty developer K Raheja Corp Has acquired floor space index (FSI) rights of approximately 1.53 lakh sq ft in Central Mumbai‘S Wadala Areas worth over Rs 275 crore from a joint venture between MM Developer and Saroj Landmark Realty LLP.
The FSI rights are for the development of the free sale component of the slum rehabilitation project at Shanti Nagar, Wadala. The slum rehabilitation portion of the project including new houses is complete and has already received its Occupation Certificate (OC).
The Slum Rehabilitation Authority has issued OC on December 16, 2022 in respect of ground plus 1st to 19th upper floors of the rehabilitation portion of the project.
As per the rules governing slum rehabilitation projects, the free-sale component can be sold only after completing the rehabilitation part. The company can develop more than 350 residential apartments with the said FSI rights.
The company has paid stamp duty of over Rs 16.50 crore for registration of the transaction that took place on January 25, documents accessed through CRE Matrix, a real estate data analytics firm, revealed.
K Raheja Corp through its subsidiary has acquired the development rights K Raheja Corp Realty Who will pay the entire consideration to the sellers in a total of 6 instalments. The first tranche, approximately 10% of the total consideration, amounting to over Rs 27.51 crore has already been paid by Raheja Corp to the seller.
The next installment of 10% money will be payable after the developer completes the plinth level, while the third installment of a consideration of Rs 55.02 crore will be paid by the developer after obtaining approval from the Ministry of Environment and Forests (MoEF) for the building. , The buyer will pay 2% of the total consideration amount on completion of each slab.
The authority has issued the commencement certificate for the free-vault component of the project in June 2022. While the entire land parcel is spread over an acre, there is a portion available remaining after execution of the area for the free sale component. rehabilitation part.
ET’s email query to K Raheja Corp remained unanswered till the time of going to press.
The said development rights will be utilized by K Raheja Corp Homes, 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.
In January, the company’s residential development arm entered into an agreement to develop a 1 million sq ft luxury housing project spread over a 3-acre prime land parcel in south Mumbai’s Mahalaxmi locality.
It recently acquired 1.5 acres of land in central Mumbai’s Sion area from KJ Somaiya Trust, a public charitable trust, for over Rs 120 crore.
An additional 0.4-acre land parcel adjacent to this plot at Sion will also be acquired by the developer later through a separate transaction as per the terms agreed upon between the two parties. With the second tranche of the deal, K Raheja Corp will have about 2 acres of land at this location.
[ad_2]
Source link