Kalpataru Ventures into Major Mumbai Redevelopment Projects with ₹2,000 Crore Potential

Realty developer Kalpataru has secured agreements to redevelop two large housing societies in Mumbai’s Chembur and Goregaon, covering 7.5 acres of land,as per news reports.

With a combined development potential of over 1.5 million sq ft, these projects are projected to generate revenue exceeding ₹2,000 crore and are expected to be completed within 42 months, as per ET report.

Kalpataru’s ₹2,000 Crore Projects in Chembur, Goregaon

Kalpataru, a prominent real estate developer, has entered into redevelopment agreements for two significant housing societies in Mumbai’s Chembur and Goregaon, spanning a total of 7.5 acres.

These projects will involve the development of more than 1.5 million square feet of real estate, with expected revenues exceeding ₹2,000 crore. The redevelopment is set to be completed within 42 months from the commencement of construction.

The Suman Co-operative Housing Society, located in Suman Nagar on five acres, is the first of the two projects. It consists of 10 residential buildings, and Kalpataru plans to construct six new towers, offering over 4.2 lakh square feet of carpet area.

A total of 350 apartments will be available for sale in this redevelopment. The second project, located in Goregaon near the Link Road and Bangur Nagar Metro station, covers 2.5 acres and includes the redevelopment of eight residential buildings.

The Goregaon project will feature three towers with 18 habitable floors, with Kalpataru’s share of the carpet area being nearly 2 lakh square feet, comprising 200 apartments for sale.

Government Policy Eases Redevelopment Costs in Mumbai

As Mumbai faces a shortage of vacant land, the redevelopment of old housing societies has become a crucial aspect of the city’s real estate market.

In 2023, the Maharashtra government announced that housing society members undergoing redevelopment would no longer have to pay stamp duty on the allotted permanent accommodation.

Instead, a nominal ₹100 stamp duty is required from the individual members, while the principal agreement between the developer and the housing society is subject to the usual conveyance charges.

This policy, combined with the strong real estate market, has significantly contributed to the ongoing redevelopment of older housing societies in the region.

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