Mumbai-based listed developer Kalpataru Limited signed an agreement to redevelop a housing project on a three-acre land parcel in Andheri, with an estimated gross development value (GDV) of more than ₹1,400 crore.
The company has secured redevelopment rights for Shree Mahalakshmi CHS, a housing society located off Veera Desai Road in Andheri West. According to a company statement, the project covers three acres and has a total development potential of about 0.4 million sq ft of carpet area.
The redevelopment is expected to include around 350 flats for sale. It will add to Kalpataru’s project pipeline, as the company continues to focus on redevelopment opportunities across the Mumbai Metropolitan Region (MMR).
The neighbourhood benefits from well-established social infrastructure, including reputed schools and colleges, leading healthcare facilities, retail destinations, entertainment hubs, and prominent business districts, the company said.
The residential development will offer planned residences designed to support contemporary lifestyles, with an emphasis on sustainability, modern amenities, and seamless connectivity, the company said.
Last year, Kalpataru Limited inked agreements to redevelop two housing societies covering 7.37 acres in the eastern suburb of Chembur and the western suburb of Goregaon, as per documents accessed by IndexTap.
What is redevelopment?
In Maharashtra, several old buildings, especially those comprising two to seven storeys, are being redeveloped. Redeveloping housing projects involves demolishing old structures and replacing old structures with modern, bigger buildings, subject to various norms.
Residents in old buildings get larger apartments in the newer building for free, as the builder sells a certain number of apartments in the new building for a profit. The government also earns revenue by selling floor space index (FSI) to builders.
