Lodha To Develop Free Sale Component Of Slum Rehabilitation Project In Worli
Listed real estate developer Macrotech, which operates under the Lodha brand name, has signed a development agreement for development in the free sale component of a slum rehabilitation project in Mumbai’s Worli area. The total agreement market value of the deal is Rs 359.48 crore. The property is being developed as part of a slum rehabilitation scheme of the state government. The developers will use the rehab component of the land to rehabilitate around 172 slum dwellers. The total area of the land is over 85,153 square feet (approx. 7,900 sq mtrs). Of this, the rehab component is 26,156 sq mtrs and the free sale built-up area is 22,438 sq mtrs. The floor space index (FSI) approved for the project is 5.172, according to documents provided by CRE Matrix. FSI is the maximum permissible area that a builder can construct on a piece of land. The stamp duty paid for the project is around Rs 17 crore. The agreement was signed between four parties: promoter Manju Porwal, Sattadhar Constructions, Sattadhar Constructions Private Limited, and Macrotech Developers. The transaction was registered on October 11, 2023.
Tags : real estate developer Macrotech Lodha brand signed development agreement free sale component slum rehabilitation project in Mumbai’s Worli slum dwellers.