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realty developer Kalpataru has acquired the redevelopment rights of a housing society spread over approximately 6 acres in Mumbai‘S Borivali suburb and is planning to invest around Rs 700 crore to develop over 7 lakh sq ft residential projects here.
redevelopment project Yogananda Co-operative Housing Society, which currently accommodates around 400 residents, is expected to be completed in 3-4 years. Property consultants said that based on current business estimates, the project is expected to generate revenue of Rs 1,300 crore.
As part of the development agreement, Kalpataru will develop and hand over a carpet area of over 2.41 lakh sq ft to the existing residents as per RERA norms, documents obtained through CRE Matrix show. Presently, the existing residents occupy 1.56 lakh sq ft of carpet area in the society.
The agreement concluded on March 28 is valued at approximately Rs 177 crore and the company has paid stamp duty of approximately Rs 11.67 lakh for its registration.
Built around 1974, the housing society currently consists of a total of 11 buildings consisting of ground floors and three upper floors. These existing buildings have a total of 400 apartments spread over 390 sq. ft. carpet area. The developer will provide new apartments spread over 603 sq ft to the residents in lieu of their existing residential units.
Last week, ET reported that Kalpataru has entered into a revenue share agreement with the company. Indian Hume Pipe Company To develop an over 2.3 million sq ft mixed-use project on a land parcel of approximately 15 acres in Vadgaon area of Pune.
The company plans to invest around Rs 1,000 crore in this Pune project to be developed in two phases over the next 6-7 years.
Kalpataru Gardens, a subsidiary of the developer, had earlier entered into an MoU for this development. The agreement has now been revised and the developer’s revenue share in the project has now increased from 66% to 67.50%, while the Indian Hume Pipe Company will get the remaining share.
Around 90% of the project will be premium residential development and the rest will be commercial. Based on current property rates in the surrounding area, the project is expected to generate a total revenue of Rs 2,500 crore, of which around Rs 1,700 crore will be Kalpataru’s share.
Transactions for land parcels have resumed in key property markets of Mumbai, Pune, Chennai, Hyderabad and Bangalore with several deals including outright acquisitions and joint ventures either closed or expected to close soon. Is.
The increased demand for land parcels is on account of the continued recovery in the housing market and the boom in the warehousing and data center space.
Over the past few years, many realty developers have reworked their business strategies to focus on asset-light models such as joint development and development management agreements.
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