Realty company Man Infra will be signing a memorandum of understanding (MoU) for the redevelopment of buildings in Ghatkopar, Mumbai. Managing director Parag K Shah, says the company will be redeveloping a total of 12 buildings in the area and will have a saleable area of 4,65,000 square feet.
Below is the transcript of Parag K. Shah’s interview with Reema Tendulkar & Nigel D'Souza on CNBC-TV18.
Reema: Could you give us some details about this redevelopment that you are doing in Ghatkopar, the total size the timeline?
A: We are already developing eight buildings in Naidu colony where the agreement has been signed in the process of demolishing the building. It is a cluster development, adjoining three building also we are signing memorandum of understanding (MoU) today. So that will become eight plus three, 11 buildings and one building we have already signed MoU last month so in totality it will become a 2 buildings. Initially it was 310,000 square feet saleable area which will go up to 465,000 square feet.
Nigel: It will go from around 3,10,000 so the total saleable will increase more than a lakh so in value terms how much are you pegging this at per square foot Rs 17,000-18,000 or what is it at currently?
A: Present market price in this area is somewhere round Rs 16,000-17,000. This is anyhow 4-5 years project. On an average we are considering around Rs 18,000-20,000.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
