by THO
Mumbai-based Kalpataru Limited has inked agreements to redevelop two housing societies covering an area of 7.37 acres in the eastern suburb of Chembur and the western suburb of Goregaon, as per documents accessed by IndexTap.
Market sources said the company would develop 1.5 million sq ft of land with a revenue potential of ₹2,000 crore.
According to property registration documents accessed by CRE Matrix, the company has signed two development agreements worth ₹328 crore.
According to market sources, the two redevelopment projects will have 480 units to be sold in the open market and over 320 units to be rehabilitated.
The documents show that the two old housing societies, Hari Niketan CHS in Goregaon and Suman CHS in Chembur, are spread across 7.37 acres.
The documents showed that the development agreement for Hari Niketan CHS was registered on October 3, 2024, and is worth over ₹81 crore. A stamp duty of ₹6.53 crore was paid for it.
The documents further added that the development agreement for the second society, Suman CHS, was signed on January 30, 2025. The agreement’s value is ₹247 crore, for which the stamp duty of ₹21.06 crore was paid.
An email query sent to Kalpataru Limited did not get any response. The two housing societies could not be reached for comment.
What is redevelopment?
In Maharashtra, several old buildings, especially those comprising two to seven storeys, are being redeveloped. The redevelopment of housing projects involves demolishing and replacing old structures with modern, bigger buildings subject to various norms.
Residents in old buildings get larger apartments in the newer building for free, as the builder sells a certain number of apartments in the new building for a profit. The government, too, earns revenue by selling the floor space index (FSI) to the builder.
Recent redevelopment projects in the Mumbai real estate market
Real estate developer Mahindra Lifespaces announced on February 3 that it had secured a 950-crore deal to redevelop three housing societies in Mumbai’s Lokhandwala, Andheri area.
Bengaluru-based listed real estate developer Puravankara announced on September 12, 2024, that it had secured the redevelopment rights of a housing society named Miami Apartments at Breach Candy in South Mumbai.
The company also announced that it would be redeveloping four more societies in the Andheri area of Mumbai and that it has signed a joint development agreement (JDA) for a 1.95-acre land parcel at a prime location in Electronics City in Bengaluru. This land parcel, adjacent to the Purva Westend project, will have a saleable area of 260,000 sq ft, the company had said.
Also Read: Mahindra Lifespaces wins redevelopment deal worth ₹950 crore for three Mumbai housing societies
In September 2024, Mumbai-based Kanakia Spaces Realty Pvt Ltd acquired development rights to redevelop two old buildings in Mumbai’s Borivali area. The agreement value of the two development agreements (DA) is worth ₹208.53 crore, according to property registration documents accessed by CRE Matrix.
