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Sunday, July 21, 2024

K Raheja Corp & Modern India ink pact to develop 1-million-sq-ft project

K Raheja Corp’s residential development arm K Raheja Corp Homes has entered into an agreement to develop a 1-million-sq-ft luxury housing project spread over 3-acre prime land parcel in South Mumbai’s Mahalaxmi locality.

The project will be developed through an agreement for sale of the plot currently owned by Modern India that has business interest spanning across infrastructure, power generation and real estate.

As part of the deal, Jatia family-promoted Modern India will get a consideration for sale of this land as a certain percentage of the sales revenue. K Raheja Corp Homes will be responsible for the design, approvals, development, and sales of the project spread across two super-structure towers.

“South Mumbai has remained a hotbed of development and a preferred address for corporate world’s decision makers and business families. The response to our marquee projects including Raheja Vivarea and Raheja Artesia has strengthened this belief further. The new project ‘Raheja Modern Vivarea’ fits seamlessly with our business strategy of deepening presence in this SOBO micro market,” Ramesh Ranganathan, CEO, K Raheja Corp Homes, told.

The said land parcel is adjacent to Raheja Vivarea, a super-premium residential project also developed by K Raheja Corp Homes earlier. The project, known as the residential hub for corporate honchos and CXOs, is spread over 14 acres and houses five towers of which the last tower is now close to completion.

The last concluded and registered transaction in Raheja Vivarea was priced at over Rs 90,000 per sq ft in October. Recently, Rahul Bajaj’s family bought five sea-view apartments in Raheja Vivarea for nearly Rs 104 crores.

“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, across Raheja Vivarea and Raheja Artesia, K Raheja Corp Homes has an earned repute to curate high quality real estate, and we are confident this offering too will be a notable landmark,” said Mudit Jatia, executive director, Modern India.

The land parcel earlier housed a private textile mill and is now being monetised 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 configuration of 3 and 4 bedrooms going up to the size of 8,500 sq ft carpet area per family in this project and all the apartments will be west facing with views of Mahalaxmi Racecourse, golf course and Arabian Sea.

South Mumbai is amongst the most expensive and sought-after property markets globally and has witnessed only a few land deals either through joint developments, alliances, and even outright acquisitions in the last few years.

Recently Shapoorji Pallonji Real Estate and Asia Pacific-focused investment firm PAG stepped in to revive a super-luxury residential project, The Minerva, in Mahalaxmi by extending their brand and financing support, respectively.

K Raheja Corp Homes is the residential vertical of conglomerate K Raheja Corp Group. The company has developed over 10 million sq ft of mid-income and luxury housing across five cities of India including Mumbai, Pune, Hyderabad, Bangalore, and Goa.

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