Mumbai, May 25: Real estate developer Kalpataru Limited has announced the signing of a major cluster redevelopment project in Ashok Nagar, Kandivali East, with an estimated gross development value (GDV) of around Rs 1,250 crore.
In a regulatory filing submitted to the stock exchanges on May 25, the company said the redevelopment project comprises five adjacent housing societies forming the “Ashokgram Cluster” in Kandivali East.
According to the company, the project spans around 2.8 acres and has a free sale potential of nearly 0.37 million square feet of carpet area.
Project vision and connectivity
Commenting on the development, Parag Munot, Managing Director of Kalpataru Limited, said, “At Kalpataru, we view redevelopment as a transformative journey that breathes new life into existing communities. Our latest venture in Kandivali East is envisioned as a future-ready neighbourhood that seamlessly blends its local heritage with world-class planning, expansive green spaces, and modern amenities. We are honoured to partner with the local community to set a new benchmark for high-quality, sustainable urban living while preserving its unique character.”
He further added, “This cluster redevelopment, envisaged as a residential development with high-street retail, is strategically positioned within a thriving micro-market, offering residents excellent connectivity to major road networks and metro lines. The project’s appeal is further bolstered by its proximity to a robust social infrastructure, including premier educational institutions, leading healthcare centres, and vibrant retail and business hubs.”
Strengthening Kandivali East presence
The latest redevelopment project further strengthens Kalpataru’s presence in Kandivali East, where the company has previously delivered six residential developments, including Kalpataru Jharokha, Kalpataru Vatika, Kalpataru Gardens, Kalpataru Tower, Kalpataru Avenue and Kalpataru Vienta.
The announcement comes months after the company unveiled another redevelopment project in Andheri East earlier this year with an estimated GDV of Rs 1,400 crore.
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Kalpataru said it currently has 83 completed projects aggregating over 23.3 million square feet of developable area and 31 ongoing and forthcoming projects spread across Mumbai, Thane, Panvel, Pune, Lonavala, Nagpur, Noida and Hyderabad.
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