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K Raheja Corp Homes, the residential development arm of the Realty developer K Raheja Corp, has entered into an agreement to develop a 1-million-square-foot luxury housing project in South Mumbai's Mahalaxmi neighbourhood. The project will be developed on a prime 3-acre land parcel currently owned by Modern India, which has business interests in infrastructure, power generation, and real estate. As part of the agreement, Modern India will receive a consideration for the sale of the land in the form of a percentage of sales revenue. The project will consist of two superstructure towers and will be completed by 2028.
K Raheja Corp Homes will be responsible for the design, approvals, development, and sales of the project, which will be spread across two superstructure towers. South Mumbai has remained a hotbed of development and a preferred address for the corporate world's decision-makers and business families. The response to previous projects, including Raheja Vivarea and Raheja Artesia, has strengthened this belief further. The new project, Raheja Modern Vivarea, fits seamlessly with the business strategy of deepening presence in this South Mumbai micro-market.
The land parcel, which was previously home to a private textile mill, is now being monetized by Modern India and is adjacent to Raheja Vivarea, another super-premium residential project developed by K Raheja Corp Homes. The apartments in the new project will have 3-4 bedrooms and range in size from 3,500 to 8,500 square feet, all facing west with views of the Mahalaxmi Racecourse, golf course, and Arabian Sea.
South Mumbai is one of the most expensive and sought-after property markets globally, and there have only been a few land deals in recent years. Recently, Shapoorji Pallonji Real Estate and Asia Pacific-focused investment firm PAG stepped in to revive a super-luxury residential project, The Minerva, in Mahalaxmi. K Raheja Corp Homes is the residential vertical of the conglomerate K Raheja Corp Group and has developed over 10 million square feet of mid-income and luxury housing across five cities in India, including Mumbai, Pune, Hyderabad, Bangalore, and Goa.
The entire project, for which the design and necessary approvals are already in place, is expected to be completed by 2028. The development is a validation of the trust and relationship shared by the two groups and a notable landmark for K Raheja Corp Homes, which has earned a reputation for curating high-quality real estate in South Mumbai, having delivered over 3 million square feet of ultra-luxury residential space across its previous projects.
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