Mumbai, Feb 27: Realty major Macrotech Developers Limited, formerly Lodha Developers Ltd, has acquired development rights for a sprawling 17,403.20 sq m (4.3 acres) land parcel in Mumbai’s upscale Malabar and Cumballa Hill division.
The acquisition of development rights signals a significant redevelopment move in south Mumbai’s Malabar Hill precinct, one of the city’s highest-value real estate micro-markets.
Transaction details and valuation
According to property documents accessed through Propstack, a commercial real estate platform, the agreement for sale of development rights was executed on January 7 between the Sorabji Kanga Charity Trust and Lodha Developers Ltd. The consideration amount for the transaction stands at Rs 106.12 crore, while the market valuation determined for stamp duty purposes is Rs 621.71 crore.
Stamp duty of Rs 37.42 crore has been paid on the transaction.
Existing structures and tenants
The total area consists of existing structures such as a chawl, a building known as Palacimo and six bungalows. The property currently houses 43 tenants in the chawl.
Notably, the site includes ‘Silver Oak’, the residence associated with NCP(SP) chief Sharad Pawar.
Redevelopment framework and entitlements
As part of the redevelopment framework, the trust is to receive 5,017 sq m of RERA carpet area, along with 150 car parking spaces and a 42.5% share in the development component.
The adjudication order states that the assistant town planner assessed the developer’s share at Rs 621.70 crore, higher than the owner’s valuation, and fixed it as the market value for stamp duty. The computation included a Rs 40 crore bank guarantee under Article 25B of the Maharashtra Stamp Act.
Also Watch:
Land exclusions and MHADA allocation
Documents show 5,199.55 sq m of Palacimo Co-operative Housing Society land is excluded from development, while 38,990.48 sq m is proposed to be handed over to MHADA.
A bank guarantee of Rs 40 crore and a security deposit of Rs 125 crore are to be furnished as part of the development terms.
No official response
Lodha remained unavailable for comment despite an email query sent to its external PR agency.
To get details on exclusive and budget-friendly property deals in Mumbai & surrounding regions, do visit: https://budgetproperties.in/
