Kanakia Spaces Realty Acquires Development Rights for Borivali Redevelopment Projects
Mumbai-based real estate developer Kanakia Spaces Realty Pvt Ltd has recently obtained the development rights for the redevelopment of two old buildings in the Borivali area of Mumbai. According to property registration documents accessed by CRE Matrix, the total value of the two development agreements (DA) is estimated at Rs 208.53 crore. This redevelopment project falls under the cluster redevelopment policy implemented by the Maharashtra government.
Promising Future for Govind Nagar Area
The two housing societies, Shree Mohan Chs Ltd and Shree Balwant Chs Ltd, have been standing for over 50 years in the Govind Nagar area of Borivali. With this new development, these outdated structures will undergo a transformation, revitalizing the region and providing modern living spaces for the residents.
Composition and Benefits of the Redevelopment
The first building, Shree Mohan Chs Ltd, occupies a land area of approximately 2.02 acres and houses residents across 70,616 sq ft. Upon completion of the redevelopment, this building will receive an additional area of 36%, resulting in around 96,038 RERA carpet space. Each flat will also be allotted a parking space, ensuring convenience for the residents.
Similarly, the second building, Shree Balwant Chs Ltd, spans approximately 1.31 acres. Under the redevelopment project, the residents of this building will receive 45% additional area, increasing the existing 55,869 carpet area. Moreover, the redevelopment will provide 51 car parking spaces for the residents.
Rentals During the Redevelopment Period
During the period of redevelopment, tenants in both buildings will receive compensation in the form of Rs 60 per sq ft of monthly rental. This provision ensures that the residents have a temporary accommodation at a fair price until the completion of the project.
Timeline for Redevelopment
As per the development agreement, Kanakia Spaces Realty Pvt Ltd has committed to completing the redevelopment of both buildings within 36 months. Additionally, they aim to obtain the full occupation certificate (OC) for the entire project’s saleable component within 66 months.
This redevelopment venture in Borivali showcases Kanakia Spaces Realty’s dedication to transforming outdated structures into modern and functional spaces. The project aligns with the cluster redevelopment policy introduced by the Maharashtra government, contributing to the overall development of the area.
Positive Market Outlook
This recent acquisition reflects the positive market outlook for real estate development in Mumbai. The willingness of developers, like Kanakia Spaces Realty, to invest in revitalizing older properties highlights the potential for growth and enhanced living standards.
With the completion of the redevelopment in Borivali, residents will experience improved housing facilities, additional living space, and amenities that complement the demands of modern city life.
Conclusion
The acquisition of development rights for the redevelopment of two old buildings in Borivali marks a significant step towards the transformation of Mumbai’s real estate landscape. Kanakia Spaces Realty’s commitment to this project amplifies their dedication to redefining living standards and enriching the lives of residents. The development aligns with the Maharashtra government’s cluster redevelopment policy, benefitting the area and setting a positive precedent for future projects.
