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Chandak Group, a renowned real estate developer, has recently entered into an agreement to redevelop a housing society located in Mumbai's Andheri suburb. The housing society spans a land area of 3.6 acres and is expected to have a total development potential of over 460,000 sq ft. The project aims to provide a saleable area of over 281,000 sq ft, which is estimated to generate a revenue potential of Rs 956 crore.
The redevelopment project is expected to be completed within a period of four years. Chandak Group, through its group entity Chandak Realtors, has paid a stamp duty of Rs 9.06 crore for the registration of the agreement. The developer has also obtained a no-objection certificate from the Airports Authority of India in February 2022, allowing the construction of new buildings up to a height of 57.13 meters above mean sea level on the land parcel.
Chandak Group has a strong track record in the real estate industry, with over 30 completed projects and eight ongoing projects across Mumbai, including residential developments. In the redevelopment and rehabilitation segment, the company has delivered six projects totalling 4.3 million sq ft, with an additional eight upcoming and ongoing projects covering 9 million sq ft.
The recent decision by the government of Maharashtra to exempt stamp duty for members of housing societies undergoing redevelopment is expected to further facilitate the redevelopment of old and dilapidated housing societies in key cities of the state. This move is significant as Mumbai, being a land-starved city, relies heavily on redevelopment and rehabilitation projects to meet the growing demand for real estate.
In conclusion, Chandak Group's acquisition of the 3.6-acre housing society redevelopment project in Mumbai's Andheri suburb is a significant development in the real estate sector. The project's total development potential, saleable area, and revenue potential highlight the scale and potential of the project. With their experience and track record, Chandak Group is confident in completing the project within the stipulated four-year timeframe. This redevelopment project aligns with the company's portfolio of completed and ongoing projects, contributing to the overall growth and development of Mumbai's real estate market.
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