Kanakia Spaces Realty Secures Development Rights for Redevelopment in Mumbai
Kanakia Spaces Realty Pvt Ltd has recently made a significant move in the real estate market by securing the development rights for the redevelopment of two aging buildings in Borivali, Mumbai. With a deal valued at Rs 2.08 billion, this venture marks a significant step towards revitalizing Mumbai’s housing infrastructure.
Redevelopment Under Maharashtra’s Cluster Redevelopment Policy
These two housing societies, both over 50 years old, are located in Govind Nagar and will undergo redevelopment under Maharashtra’s cluster redevelopment policy. This policy aims to efficiently utilize space in densely populated areas by encouraging the reconstruction of old buildings.
The first building, Shree Mohan CHS Ltd, covers an area of 2.02 acres. Under the redevelopment plan, the current residents occupying 70,616 sq ft will see a significant increase in space by 36%, resulting in a total area of 96,038 sq ft RERA carpet area. Additionally, each flat will be provided with a dedicated parking space, a much-needed amenity in a city like Mumbai.
Similarly, the second building, Shree Balwant CHS Ltd, spans 1.31 acres and is set to see a 45% increase in space for its residents. The existing 55,869 sq ft will be expanded, allowing for a more comfortable living environment. Furthermore, 51 parking spaces will be made available to the residents, adding convenience to their daily lives.
Renewal Process and Rental Compensation
During the redevelopment process, tenants residing in both buildings will receive a monthly rental of Rs 60 per sq ft. This temporary arrangement ensures that residents have a suitable alternative living space while their homes are being revitalized.
It is noteworthy that the developer has set an ambitious target of completing the redevelopment in just 36 months. With efficient planning and execution, Kanakia Spaces Realty aims to achieve full occupancy certification within 66 months, showcasing their commitment to delivering quality living spaces to residents.
A Growing Trend in Mumbai’s Real Estate Market
This latest project by Kanakia Spaces Realty reflects a growing trend in Mumbai’s real estate market. Developers such as Macrotech, Rustomjee, and Puravankara have increasingly participated in the redevelopment of old buildings, taking advantage of government policies that offer incentives for such initiatives.
The government’s focus on incentivizing the redevelopment of old buildings not only benefits developers but also offers existing residents a chance to upgrade their living spaces. The policy aims to address the aging infrastructure and improve the overall quality of housing in Mumbai.
In Conclusion
Kanakia Spaces Realty’s securing of the development rights for the redevelopment of two aging buildings in Borivali, Mumbai, represents an important step towards revitalizing the city’s housing infrastructure. Through this project, residents can look forward to spacious dwellings and dedicated parking spaces, adding convenience and value to their lives.
Furthermore, this venture underscores the growing trend of developers participating in the redevelopment of old buildings in Mumbai. By capitalizing on government policies that provide incentives for such projects, both developers and residents benefit from the upgrading of housing infrastructure in the city.
This ambitious endeavor signifies the dedication and commitment of Kanakia Spaces Realty and the real estate industry as a whole towards enhancing the living experience of individuals and elevating Mumbai’s position as a thriving urban center.
