Paradigm Realty to Redevelop 11 Housing Societies in Mumbai Across Mumbai

Summary:

 Paradigm Realty has announced agreements to redevelop 11 housing societies in Bandra and Kandivali, Mumbai, with a combined revenue potential of ₹4,500 crore. The projects will cover over five acres and span more than 2.8 million sq ft.

Major Redevelopment Projects in Bandra and Kandivali

Paradigm Realty has secured agreements to redevelop 11 housing societies located in Mumbai's western suburbs of Bandra and Kandivali. These projects span land parcels totaling over five acres and have a gross consolidated revenue potential of around ₹4,500 crore.

Development Potential and Locations

The redevelopment projects are situated in Bandra's Pali Hill and Carter Road areas and Kandivali's Mahavir Nagar.

Key details include:

Pali Hill and Carter Road Projects: Each project covers approximately half an acre with development potentials of 1.5 lakh sq ft and 1.6 lakh sq ft, respectively. Estimated revenues for these projects are around ₹500 crore each.

Mahavir Nagar Project: This project boasts a development potential of over 2.5 million sq ft, with a free-sale RERA carpet area of up to 1 million sq ft valued at nearly ₹3,500 crore.

Financing and Project Launch

CMD of Paradigm Realty, Parth Mehta, stated that the company plans to develop luxury gated projects on all three layouts. Financing for these projects will come from internal accruals, construction finance, equity, and pre-sales. Approvals for the development plans are expected within the next few months, with project launches anticipated in the fourth quarter of the current financial year.

Stamp Duty and Previous Projects

The developer paid ₹10 crore in stamp duty for registering the redevelopment agreement with nine housing societies in Kandivali's Mahavir Nagar. This marks the fifth project by Paradigm Realty in Mumbai's western suburbs. The company has already delivered over 1,200 apartments across three completed projects in the Kandivali and Borivali suburbs.

Project Financing and Revenue

• Total Revenue Potential: ₹4,500 crore

Pali Hill and Carter Road Projects:

• Development Potential: 1.5 lakh sq ft and 1.6 lakh sq ft
• Estimated Revenue: ₹500 crore each

Mahavir Nagar Project:

• Development Potential: 2.5 million sq ft
• Free-Sale RERA Carpet Area: 1 million sq ft
• Gross Development Value: ₹3,500 crore
• Stamp Duty Paid: ₹10 crore

By strategically redeveloping these prime locations, Paradigm Realty aims to enhance the urban landscape of Mumbai while delivering high-quality housing solutions to meet the city's growing demand. The projects are expected to significantly contribute to the area's real estate value and provide luxurious living spaces for future residents.