Kanakia Spaces Realty Pvt Ltd has secured the development rights for redeveloping two aging buildings in Borivali, Mumbai. The deal is valued at Rs 2.08 billion, according to property registration documents accessed by CRE Matrix.

The two housing societies, over 50 years old, are located in Govind Nagar and will be redeveloped under Maharashtra's cluster redevelopment policy. The transaction was registered on September 12, 2024, with a stamp duty payment of Rs 114 million.

The first building, Shree Mohan CHS Ltd, spans 2.02 acres, and its residents currently occupy 70,616 sq ft. Post-redevelopment, the residents will receive 36% more space, increasing the total area to 96,038 sq ft RERA carpet area, with each flat receiving a dedicated parking space.

The second building, Shree Balwant CHS Ltd, occupies 1.31 acres. Residents here will get a 45% increase in space over their existing 55,869 sq ft, along with 51 parking spaces.

During the redevelopment, tenants in both buildings will receive a monthly rental of Rs 60 per sq ft. The developer aims to complete the redevelopment within 36 months and achieve full occupancy certification in 66 months.

This project highlights a growing trend in Mumbai's real estate market, where developers like Macrotech, Rustomjee, and Puravankara are increasingly involved in the redevelopment of old buildings, capitalising on government policies that provide incentives for such projects. (HT)