Realty developer Paradigm Realty has entered into agreements to redevelop 11 housing societies spread across land parcels of more than five acres in Mumbai’s western suburb of Bandra and Kandivali. The project has gross consolidated revenue potential of around Rs 4,500 crore. These projects in Bandra’s Pali Hill and Carter Road areas, and Kandivali’s Mahavir Nagar, are estimated to have development potential of over 2.8 million sq ft. The projects in Pali Hill and Carter Road are spread over around half an acre each with development potential of 1.5 lakh sq ft and 1.6 lakh sq ft and estimated revenue of Rs 500 crore, respectively
The Mahavir Nagar project has a development potential of over 2.5 million sq ft of which the free-sale RERA carpet area of up to 1 million sq ft holds a gross development value of nearly Rs 3,500 crore.
“We are planning to develop luxury gated projects on all three layouts. We will be financing these projects through our internal accruals, construction finance, equity, and pre-sales. We are currently in the process of seeking approvals for the development plans that are expected over the next few months and the launch is expected in the fourth quarter of this financial year,” Parth Mehta, CMD, Paradigm Realty.
The developer paid Rs 10 crore as stamp duty for the registration of the redevelopment agreement with nine housing societies in Kandivali’s Mahavir Nagar. This is the fifth project being undertaken by the developer in the western suburbs of Mumbai.
