Kalpataru to Redevelop 4-Acre Housing Society in Lokhandwala, Andheri, Mumbai

Leading real estate developer Kalpataru Ltd has acquired redevelopment rights for a sprawling 4-acre housing society in Lokhandwala, Andheri, Mumbai. This project is set to transform the existing residential landscape with modern infrastructure and facilities.

Massive Development Potential of 8 Lakh Sq Ft

The redevelopment is projected to span over 8 lakh sq ft, including 5 lakh sq ft of saleable area. The estimated revenue potential for the project exceeds INR 2,100 crore, reflecting the prime location's market appeal.

Rehousing Plans for Existing Residents

Currently, the site comprises 12 residential buildings with 290 apartments spread across 1.90 lakh sq ft. The redevelopment plan will provide 3 lakh sq ft of space for rehousing residents, ensuring their needs are addressed comprehensively.

Four-Year Timeline and Strategic Vision

Kalpataru has signed a development agreement for the project, targeting completion within four years. According to insiders, the project will include layouts offering unhindered views of the mangroves, enhancing its appeal among potential buyers.

Redevelopment Portfolio Expansion

In addition to the Andheri project, Kalpataru has undertaken a similar 6-acre redevelopment in Borivali. This project involves 700,000 sq ft of development with an estimated investment of INR 700 crore, expected to yield INR 1,300 crore in revenue.

Shift Towards Asset-Light Models

Mumbai’s real estate market has seen developers embrace asset-light models like joint development and management agreements. This strategy aligns with the city’s reliance on redeveloping older housing societies due to limited availability of vacant land parcels.

Government Incentives Bolster Redevelopment Projects

The Maharashtra government’s decision to exempt housing society members from stamp duty for redeveloped accommodations has further spurred redevelopment activity. This move is expected to accelerate projects like Kalpataru's Lokhandwala initiative across the state.

Mumbai’s Property Market Continues Record Growth

Despite rising interest rates and property prices, Mumbai’s real estate market has sustained record-breaking performance. The premium, luxury, and mid-income segments, including redevelopment projects, drive property registrations and stamp duty revenue collections to new highs.

Highlights

• Project Overview: Kalpataru redeveloping a 4-acre housing society in Lokhandwala, Andheri.
• Development Scale: 8 lakh sq ft project with INR 2,100 crore revenue potential.
• Resident Benefits: 3 lakh sq ft space for rehousing existing occupants.
• Timeline: Project expected to be completed in four years.
• Market Trends: Mumbai leads in redevelopment due to limited land availability.
• Government Incentives: Stamp duty exemptions for housing society members undergoing redevelopment.
• Sector Growth: Premium and luxury segments fueling Mumbai's record property market performance.

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