Kanakia Spaces Enters into Major Redevelopment Projects in Borivali With INR 1100 Crore Investment

Kanakia Spaces has signed two distinct agreements to undertake the redevelopment of large housing societies in Borivali, a prominent suburb in Mumbai. The total investment for this venture is pegged at ₹1,100 crore, according to those familiar with the deal.

Scope of the Project

These redevelopment projects offer a development potential of over 1.2 million square feet, which includes 600,000 square feet of saleable rehabilitation area. The estimated gross development value (GDV) exceeds ₹1,500 crore.

Adjacent Land Parcels in Govind Nagar, Borivali

The agreements grant Kanakia Spaces redevelopment rights for two housing societies located on adjacent land parcels. These parcels span 2.02 acres and 1.31 acres, respectively, within the Govind Nagar locality of Borivali.

Stamp Duty and Registration Details

The total value of the agreements is ₹208 crore. Kanakia Spaces has already paid a stamp duty of ₹11.40 crore for the registration, which took place on September 12, as per documents sourced from CRE Matrix.

Awaiting Civic Approvals for Project Initiation

The developer is currently in the process of securing necessary approvals from the civic authorities. Construction is expected to begin within the next six months, with a projected completion timeline of approximately four years from the start of the work.

Kanakia’s Proven Track Record

Kanakia Spaces has developed over 20 million square feet of real estate across residential, commercial, and hospitality sectors in Mumbai. The company is also actively working on additional projects, covering around 1.5 million square feet.

The Importance of Redevelopment in Mumbai’s Real Estate Market

Redevelopment projects, especially those involving the rehabilitation of old housing societies, are pivotal to Mumbai’s real estate market. Due to limited availability of vacant land parcels in the city and its peripheral areas, redevelopment has become the mainstay of property development in the region.

Disclaimer:

The information in this article is based on sources with direct knowledge and public records accessed through CRE Matrix. All project timelines and values are subject to change based on approvals and market conditions.