Listed real estate developer Macrotech, which operates under the Lodha brand name, has signed a development agreement for development in the free sale component of a slum rehabilitation project in Mumbai’s Worli area. The total agreement market value of the deal is Rs 359.48 crore, according to documents accessed by CRE Matrix, real estate data analytics firm.
The property is being developed as part of a slum rehabilitation scheme of the state government. The developers will use the rehab component of the land to rehabilitate around 172 slum dwellers, according to the documents provided by CRE Matrix.
The total area of the land is over 85,153 square feet (approx. 7,900 sq mtrs). Of this, the rehab component is 26,156 sq mtrs and the free sale built-up area is 22,438 sq mtrs. The floor space index (FSI) approved for the project is 5.172, according to documents provided by CRE Matrix. FSI is the maximum permissible area that a builder can construct on a piece of land.
The stamp duty paid for the project is around Rs 17 crore. The agreement was signed between four parties: promoter Manju Porwal, Sattadhar Constructions, Sattadhar Constructions Private Limited, and Macrotech Developers.
The transaction was registered on October 11, 2023.
An email query has been sent to Macrotech Developers. The story will be updated once we hear from them.
Also read: Lodha Group’s luxury flat in Mumbai sells for Rs 122 crore
Earlier, in January 2023, K Raheja Corp acquired the FSI rights of almost 1.52 lakh sq ft in Mumbai’s Wadala, for over Rs 275 crore.
In February 2023, Sheth Homes Private Limited entered into a joint development agreement with the Bombay Slum Redevelopment Corporation Private Limited (BSRCPL) for an 86,111-sq ft land parcel. The agreement value of the deal was Rs 221 crore, and the stamp duty paid was around Rs 11 crore.
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