With the right to redevelop a housing society spread over 6 acres of land, Kalpataru is up to invest 700 crores, and the project will be complete in 3-4 years.
Kalpataru (a renowned realty developer) got the right to redevelop a housing society over 6 acres in Borivali, Mumbai. It will develop a residential project in this area, costing around Rs 700 Crore.
The project will include the Yoganand Co-Operative Housing Society’s redevelopment, which will take around 3-4 years to complete. At present, there are approximately 400 people residing in the society! The residents occupy about 1.56 lakh square feet of carpet area in the society, but Kalpataru will deliver a carpet area of around 2.41 lakh square feet sticking to the RERA regulations. Some business consultants have also stated that this will cost around Rs 1,300 Crore.
It is estimated that 90% of the entire project will come under premium residential development, and the remaining 10% will be commercial. Based on property rates in Mumbai, it is also estimated that this entire project will fetch a revenue of around Rs 2,500 Crore. In this total revenue, Kalpataru’s share will be around Rs 1,700 Crore.
The Yoganand Co-Operative Housing Society was constructed in 1974, and in the present year, it has around 11 buildings. All of these buildings have a ground floor and three upper floors. They also have 400 apartments known to spread over a carpet area of 390 Square feet. Now, the developer has decided to provide new apartments with a carpet area of 603 Square feet to the residents, which will be located against the existing residential project.