📋 Tender Overview
Scope : To Redevelop a Yoganand Co-Operative Housing Society in the Borivali Suburb of Mumbai, Maharashtra
Real estate development company Kalpataru has acquired the rights to redevelop a housing society in the Borivali suburb of Mumbai, and is planning to develop an over seven lakh sq. ft. residential project with an investment of around Rs 700 crore.
The project involves the redevelopment of the Yoganand Co-Operative Housing Society in Borivali and is expected to be completed in a three to four years' time horizon. The project is estimated to generate revenue worth Rs 1,300 crore.
Under the development agreement, Kalpataru will be developing and handing over a carpet area of over 2.41 lakh sq. ft. as per RERA regulations to the existing residents. At present, 1.56 lakh sq. ft. carpet area is occupied across the society.
The housing society, currently, has a total of 11 buildings comprising ground+three upper floors, with a total 400 apartments spread over 390 sq. ft. carpet area. As per the new plan, Kalpataru will construct and provide new apartments spread over 603 sq. ft. to residents against their existing residential units.
The agreement concluded on 28 March, 2023 is valued at nearly Rs 177 crore. The company has also paid the stamp duty.
