K Raheja Corp Purchases Free Sale Component of Slum Rehabilitation Project in Wadala, South Central Mumbai for INR 275 Crore

K Raheja Corp to Develop in Wadala, South Central Mumbai

Mumbai:

MMA Developer and Saroj Landmark Realty LLP have sold floor space index (FSI) rights for roughly 153,000 square feet in the Wadala neighbourhood of central Mumbai to Mumbai based real estate developer K Raheja Corp for more than 275 crore Indian Rupees.

The FSI rights pertain to the development of the free-sale portion of a slum redevelopment project in Shanti Nagar, Wadala. The slum rehabilitation portion of the project, comprising the new tenements, has been finished and its occupancy certificate has been issued (OC).

The Slum Rehabilitation Authority granted the OC on December 16, 2022 for the rehabilitation portion of the project's ground and 1st to 19th higher floors. According to the legislation regulating slum rehabilitation projects, the free-sale component may only be sold when the rehabilitation element has been completed.

With these FSI rights, the real estate development business may build more than 350 residential flats.

According to records obtained by CRE Matrix, a real estate data analytics service, the real estate development company paid approximately INR 16.5 crore in stamp duty for the registration of the transaction that took place on January 25, 2023.