After more than a decade-long gap, the proposal to redevelop a housing society in J B Nagar, Andheri East, has finally inched closer to reality. Sixteen years ago, the residents of Mahapalika Laghuvetan Karmachari Sahakari Gruhnirman Sanstha Maryadit cooperative housing society passed the redevelopment proposal. However, bids for the project to revamp an area sprawling over 3.61 acre were called in October 2021.
Bagging the deal, Chandak Group has now inked an agreement valuing Rs161.28 crore. The project envisages a total development potential of over 4.6 lakh sq ft, which is dotted by tenements measuring between 231 sq ft and 370 sq ft. As per the documents accessed via IndexTap.com, the project is expected to be completed within a period of four years.
Of the total development potential, the developer will get the rights of saleable area of over 2.81 lakh sq ft; which translates into an estimated revenue potential of Rs956 crore. The agreement was inked in April with the payment of Rs9.06 crore stamp duty.
However, the project is marred by several challenges. Illegal structures have encroached upon 25,850 sq ft area of the plot, while more than 7,000 sq ft is reserved for a road. This portion will have to be handed over to the civic body.
The displaced families and commercial spaces will get a rental compensation in the range of Rs9,635 to Rs31,450 per month during the initial 11 months followed by a gradual increment in the subsequent years. If the developer fails to meet the deadline, the affected people will get an additional Rs148 per sq ft; meaning rental compensation will fall in the range of Rs34,188 to Rs54,760 per month, depending upon the unit's size.
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