Chandak Group acquires a 3.6-acre housing society, bringing new life to Mumbai’s skyline with stunning redevelopment.
In a groundbreaking development, the renowned realty developer, Chandak Group, has made a daring move by acquiring a sprawling 3.6-acre housing society in Mumbai’s bustling Andheri suburb. This ambitious project is all set to redefine the city’s skyline, with a staggering total development potential of over 460,000 square feet.
Anticipated to be completed within four years, the project promises to deliver a saleable area of over 281,000 square feet, with an estimated revenue potential of Rs. 956 crores. This endeavour marks Chandak Group’s latest venture through its group entity, Chandak Realtors, which has already paid a substantial stamp duty of Rs 9.06 crore for the registration.
Abhay Chandak, the visionary director of Chandak Group, expressed his confidence in the project’s successful execution, citing the company’s impressive track record and experience in the field. The society, currently housing 340 members, will witness an astounding transformation, receiving a redeveloped carpet area of 179,000 square feet per RERA standards.
Chandak Group’s journey in the real estate sector boasts an impressive portfolio of over 30 completed projects, with eight more ongoing ventures across Mumbai, including five residential developments. The company’s expertise in the redevelopment and rehabilitation segment is evident through the delivery of six projects totalling a remarkable 4.3 million square feet.
In a strategic move, Chandak Group secured a no-objection certificate from the Airports Authority of India in February 2022, clearing the path for constructing new buildings up to a height of 57.13 metres above mean sea level on the designated land parcel.
The recent decision by the Maharashtra government has further fueled the enthusiasm surrounding housing society redevelopment projects. Members undergoing redevelopment will now only have to pay a minimal stamp duty of Rs. 100 for the allotted permanent accommodation, while the principal agreement between the development and the housing society will be subject to standard conveyance charges.