Mumbai: Kanakia Spaces To Redevelop 2 Societies In Borivali; Check Details

Mumbai: In one of the major redevelopment deals, Kanakia Spaces Realty Pvt Ltd has entered into an agreement to redevelop two cooperative housing societies in Borivali (West) for over Rs 200 crore. In the first deal with Shree Mohan CHS, Kanakia Spaces will redevelop 2.02 acres of land. The agreement value of the deal is Rs 141.55 crore and Kanakia paid a stamp duty of Rs 7.22 crore for the deal registered on September 12, 2024.

According to the documents accessed by CRE Matrix – a real estate data analytics firm, Kanakia Spaces will also develop Shree Balwant CHS. The agreement value of the deal, also registered on September 12, 2024, Kanakia will develop 1.31 acres of land for an agreement value of Rs 66.97 crore. It paid a stamp duty of Rs 4.17 crore for the deal, the documents revealed.

Both the housing societies are situated at Govind Nagar, Sodawala Lane in Borivali. Recently, Maharashtra Housing Minister Atul Save called on real estate developers to be part of slum redevelopment process initiated by the state government through various agencies on public private partnership (PPP) model. Responding to the call, the National Real Estate Development Council (NAREDCO) has formally requested the state government to allocate 5,000 slum redevelopment projects to the industry body.

Stating that this initiative will be a significant step towards strengthening PPP and redefining the landscape of Mumbai's real estate sector, NAREDCO said that it aims to play a pivotal role in transforming Mumbai into a slum-free city, setting a benchmark for urban redevelopment and inclusive growth.