📋 Tender Overview
Scope : To Develop 2.5-acre Land Parcel Luxury Residential Project in Worli, Mumbai, Maharashtra
Realty developer K Raheja Corp has inked a pact to develop a 2.5-acre land parcel in Worli, Mumbai for a luxury residential project with a revenue potential of more than Rs 2,000 crore.
The developer’s residential platform and the landlord have created a revenue share structure for the proposed joint development, wherein K Raheja Corp will get 57 percent revenue share, while the balance 43 percent will go to the landlord. Under the agreement, the developer will be responsible for planning, design, approvals, execution, branding, and sales efforts. K Raheja Corp is expected to complete the project within five years.
The entire project is estimated to have a development potential of around three lakh sq. ft. carpet area. The agreement covering the joint development has been registered. Around one-third of the land parcel currently houses an office building with over 40,000 sq. ft. leased space, and the balance has some commercial outlets along with some vacant portions.
