Mumbai- based Kanakia Spaces Realty Pvt Ltd has acquired development rights for redevelopment of two old buildings in Mumbai's Borivali area. The agreement value of the two development agreements (DA) is worth Rs 208.53 crore, according to property registration documents accessed by CRE Matrix.
The two housing societies that are over 50 years old are located in Govind Nagar area of Borivali, Mumbai, and will be redeveloped under the cluster redevelopment policy of the Maharashtra government, the documents showed.
The transaction was registered on September 12, 2024 for which stamp duty of Rs 11.40 crore was paid, according to the documents. The first building named Shree Mohan Chs Ltd is spread across 2.02 acres and the residents occupy 70,616 sq ft. This will be given an additional area of 36% area in the redeveloped building measuring around 96,038 RERA carpet and every flat will be allotted one parking space, the documents showed.
In case of a second building named Shree Balwant Chs Ltd spread across 1.31 acres the residents will be given 45% additional area above the existing area of 55,869 carpet area along with 51 car parking, the documents showed. The tenants in both the old buildings will be provided Rs 60 per sq ft monthly rental for the period of redevelopment. The developer will redevelop the old buildings in a period of 36 months and complete the entire project (saleable component) and obtain full occupation certificate (OC) in 66 months, the development agreement showed.
