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Spanning over an expansive area of more than 3 acres, the entire project is estimated to possess a total development potential of 1.3 million square feet, with a free-sale component exceeding 4 lakh square feet. The completion of the proposed redevelopment endeavour is anticipated within a timeframe of 3.5 to 4 years, entailing a substantial investment of over Rs 900 crore. This cost encompasses construction expenses, rent payments to existing apartment owners, premium costs, and other relevant expenses.
Documentary evidence obtained through Zapkey.com demonstrates that MICL has successfully concluded and registered all the redevelopment agreements with the ten housing societies between the months of May and June. Property brokers have estimated that the project's revenue potential surpasses Rs 1,200 crore, based on the prevailing property rates in the vicinity.
MICL has already delivered 14 residential projects, encompassing a total area of 1.5 million square feet, showcasing their expertise in the real estate sector. Presently, the company is actively engaged in the development of seven ongoing projects, spanning across 2 million square feet. Additionally, they have five upcoming projects in their pipeline, with a projected development area of 2.6 million square feet.
In the Mumbai real estate market, redevelopment and rehabilitation projects play a pivotal role due to the scarcity of vacant land parcels in the city. Recognizing this trend, the state government has been encouraging cluster redevelopments for old and dilapidated buildings in the commercial capital of the country. To incentivize more developers to partake in these projects, the government has introduced several benefits and concessions.
Cluster redevelopments are particularly favoured in Mumbai, especially in the densely populated city area where space is limited and buildings are constructed in congested areas. In May, the Maharashtra government approved a significant concession, offering a 50% reduction in development cess and premium payments for fungible floor space index (FSI) in redevelopment projects initiated under Section 33(9) of the Development Control Promotion and Regulation (DCPR), 2034. This initiative aims to further propel cluster redevelopment activities in the city.
Man Infraconstruction's acquisition of the development rights for ten adjoining housing societies in Ghatkopar marks a substantial expansion of their real estate portfolio. With their proven track record in delivering residential projects, their entry into cluster redevelopment projects showcases their commitment to meeting the evolving needs of Mumbai's property market. As the city continues to face space constraints and a demand for urban renewal, the support and incentives provided by the state government contribute to fostering a thriving real estate landscape in Mumbai.
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