Rodium Housing LLP has recently executed development agreement to undertake the redevelopment project of Kandivali Shraddha Co-operative Housing Society. Funded through a mix of debt and equity, Rodium has secured funding of Rs. 10 cr from Capri Global Capital Ltd. to achieve financial closure of the project. Nearly 0.5 lakh sq ft area will be developed at an estimated cost of Rs. 35 crore.
The quarter-acre development will comprise of Retail Showrooms, Commercial Offices and 46 Flats in a single tower. This real estate project will primarily focus on residences of 2 & 3 BHK in the luxury mid-segment.
Rodium Realty Ltd.'s CFO, Rohan Chheda, stated, "Many of Mumbai's older buildings are showing signs of structural deterioration and are being deemed unsafe for habitation. Old residential buildings should be re-developed, redefining the city's skyline. The goal of the redevelopment of Kandivali Shraddha Co-operative Housing Society is to improve the lifestyle of the current residents and offer opulent amenities and quality construction to both current and potential homebuyers."
Kandivali is one of Mumbai's greenest and most well-connected micro-markets is Kandivali West. According to Rohan Chheda, CFO of Rodium, "It is the top choice location for property purchasers in the mid to luxury housing market in Mumbai's western suburbs because it offers some of the best restaurants, healthcare infrastructure and educational institutions. After the successful completion and delivery of Rodium Xpoint, Rodium Xline is our second launch in the locality.”
Rodium has received the permissions for the project and has commenced construction for the same. According to Rodium, it will keep expanding the scope of the projects it develops using the re-development concept and owned land parcels. In the fiscal year 2022, the corporation is expected to launch another 0.25 mn sq ft.
