Chandak Realtors Pvt Ltd, a real estate group with over three decades in the business, has signed an agreement to redevelop a housing society with a land area of 3.6 acre in Mumbai’s Andheri suburb for a value of ?161 crore.
There are 340 members in the housing society and the completion time is four years, according to the documents. The buildings in the housing society are old and dilapidated and since the society members or the house owners were unable to redevelop it on their own, they had to appoint a developer for it.
The homeowners will be paid a compensation allowance during the period of redevelopment, at fixed rates.
