Godrej Properties is undertaking the redevelopment of Agarwal Nagar, a sprawling residential colony spread over 1.2 acres on Babasaheb Ambedkar Road, Matunga. For the past several years, several leading builders have been eyeing this prime property. But, finally, Godrej Properties has clinched the deal.
When was the colony established?
The colony was established in 1949 and consists of eight art deco buildings built around a garden, with a clock tower at its center.The redevelopment project involves the construction of two 30-floor towers with high-end amenities like a swimming pool, gymnasium, banquet hall, clubhouse, futsal and basketball courts, and much more. After several years of failed negotiations with various builders, 120 families are finally seeing light at the end of the tunnel.
Mittal Builders were a competition
It is learnt that the last negotiations were with Mittal Builders, but the deal fell through at the last moment. A sales agent from a real estate marketing company named Property Cloud said, “Godrej will offer the buyers 3, 4 and 5 BHKs with prices starting from Rs10 crore.Two towers of 30 storeyed each will be built, with one being used to accommodate old residents and the flats in the second tower will be for sale in the market.” The massive project is yet to receive RERA approval. “We cannot reveal more details since RERA approval is still pending, and is expected in February. Possession is scheduled to be given by 2026–2027; however, we are promising possession by 2026–2027,” a sales representative stated.
What are the resident's saying?
A resident said they have been promised 40% of their existing flat area for free. Meanwhile, it has been learned that real estate major Kalpataru is in advanced negotiations for the redevelopment of Suman Nagar in Chembur. Suman Nagar is a huge colony spread over five acres, consisting of 10 buildings, with 17 wings. It's 53 years old and consists of 136 middle-class families. It's learnt that Kalpataru has offered 65% of the existing flat area free of cost, a corpus of Rs 68 crore, and a slew of high-end amenities.
