Among the leading bidders, Mumbai-based Kanakia Spaces Realty Pvt Ltd acquired redevelopment rights for two elderly buildings in Borivali, Mumbai, with a bid worth ₹208.53 crore. According to property registration documents accessed by CRE Matrix, the following are the details of the major deal.
The buildings are located in the Govind Nagar area and are more than 50 years old. These are to be redeveloped under the cluster redevelopment policy of the Maharashtra government. This scheme is designed to spruce up developing residential buildings, improve living facilities, and meet the increased need for housing in the city. This transaction was registered on 12 September 2024, and the amp duty amounts to ₹11.40 crore.
The first structure is spread over 2.02 acres of area, and the residents occupying it already have a carpet area of 70,616 square feet. In redevelopment, the residents will get extra space of 36% area and are likely to have almost 96,038 square feet as their total area. In addition, one car parking shall be provided to each flat for hassle-free easy accommodation of the residents.
The other building is Shree Balwant Chs Ltd. It has 55,869 square feet of carpet area spread over an area of 1.31 acres. The residents of this building will be offered a 45% increase in area along with the total provision of 51 parking spaces to enhance their life in the apartment.
In terms of monthly rentals, both the tenants of these buildings will be compensated with ₹60 per square foot during the redevelopment phase. This will help them during the transition period. In terms of value creation, Kanakia Spaces Realty is expected to redevelop the same building within 36 months. The whole project is expected to fetch a full occupation certificate within 66 months.
This redevelopment initiative underlines not only Kanakia Spaces Realty’s efforts to improve urban living but also complements the City of Mumbai’s city-wide initiatives to modernize crumbling residential complexes. An email sent to Kanakia Spaces Realty and the two housing societies did not elicit a response.
