The Mumbai-based real estate developer, Kanakia Spaces Realty Pvt Ltd, has secured the development rights for two old buildings in Borivali, Mumbai. The combined value of the development agreements for these projects amounts to ₹208.53 crore, according to documents accessed by CREMatrix.com.
The redevelopment of these two housing societies in Govind Nagar, Borivali, Mumbai, will be undertaken under the Maharashtra government’s cluster redevelopment policy. These housing societies, both over 50 years old, will undergo a complete transformation. Furthermore, Maharashtra’s cluster redevelopment policy will target housing societies in Borivali, Mumbai, that have been standing for more than 50 years. These redevelopments will provide residents with modern amenities, better infrastructure, and safer housing.
The development agreements for the two housing societies were officially registered on September 12, 2024. A stamp duty of ₹11.40 crore was paid as part of this registration process.
The first building, Shree Mohan Chs Ltd, occupies 2.02 acres of land, with residents currently residing in 70,616 sq ft of space. Under the redevelopment plan, residents will receive an additional 36% of the total area in the redeveloped building, resulting in approximately 96,038 RERA carpet area. Additionally, each flat will be assigned one designated parking space.
The redevelopment plan for the second building, Shree Balwant Chs Ltd, which covers 1.31 acres, will provide residents with a 45% increase in their living space beyond the current 55,869 sq ft of carpet area. Additionally, the project will include 51 designated parking spaces.
During the redevelopment period, tenants residing in both old buildings will receive monthly rental compensation of ₹60 per square foot. The developer is committed to completing the redevelopment of both buildings within 36 months. The entire saleable component of the project is expected to be completed, and the full occupation certificate (OC) obtained, within 66 months from the commencement of redevelopment.
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