Kalpataru Ltd has recently acquired the rights to redevelop a substantial housing society spanning approximately 4 acres in Mumbai’s western suburb of Lokhandwala, Andheri. This ambitious project is set to encompass an estimated development of over 8 lakh sq ft, including a saleable area of 5 lakh sq ft, with a revenue potential exceeding Rs 2,100 crore.
Presently, the site comprises 12 residential buildings housing 290 apartments spread over 1.90 lakh sq ft. The redevelopment initiative aims to deliver a total of 3 lakh sq ft of redeveloped space.
The company has finalized the development agreement for this project, with completion expected within a four-year timeframe. Plans for the project include meticulous layout and design considerations to provide an unobstructed view of mangroves.
In recent years, many real estate developers have shifted towards asset-light models such as joint development and development management agreements. Projects like the redevelopment of old housing societies play a crucial role in Mumbai’s property market due to the scarcity of vacant land parcels.
The Maharashtra government’s decision to exempt stamp duty for members of housing societies undergoing redevelopment is anticipated to spur numerous similar projects across the state. Under this ruling, members are only liable to pay Rs 100 as stamp duty, significantly alleviating financial burdens associated with such endeavors.
Despite challenges such as higher interest rates and escalating property prices, the Mumbai property market continues to achieve new milestones, primarily driven by luxury, premium, and mid-income segment properties.
Kalpataru’s acquisition of the redevelopment rights underscores its commitment to contributing to Mumbai’s evolving real estate landscape, addressing the city’s growing demand for modern, sustainable housing solutions.