Kanakia Spaces Realty Pvt Ltd, situated in Mumbai, has obtained development rights to renovate two ancient buildings in the Borivali neighbourhood. Property registration documents reviewed by CRE Matrix show a total value of ₹208.53 crore for the two development agreements (DAs).
The two over-50-year-old housing societies in the Govind Nagar district of Borivali, Mumbai, will be redeveloped under the Maharashtra government’s cluster redevelopment strategy, according to the documents. The sale was registered on September 12, 2024, and a stamp duty of ₹11.40 crore was paid, according to papers.
The first structure, Shree Mohan Chs Ltd, spans 2.02 acres and has 70,616 square feet. According to the records, this will receive an additional 36% area in the refurbished building, which will measure approximately 96,038 RERA carpet, and each flat will be assigned one parking space.
According to the records, if a second building named Shree Balwant Chs Ltd is built on 1.31 acres, inhabitants will receive 45% more space than the current area of 55,869 carpet square feet, as well as 51 parking spaces.
During the reconstruction, residents in the old buildings would get a monthly rate of ₹60 per square foot. The development agreement stated that the developer will redevelop the old buildings in 36 months, complete the entire project (saleable component), and receive a full occupation certificate (OC) in 66 months.
An email query addressed to Kanakia Spaces Realty Pvt Ltd and the housing societies received no response.
Source: Hindustan Times
