CG Power Inks Deal for Joint Development in Mumbai with K Raheja

CG Power Inks Deal for Joint Development in Mumbai with K Raheja

Mumbai’s skyline is set for a change as CG Power and Industrial Solutions (CG Power) partners with K Raheja Corp for a joint redevelopment project involving CG House, the company’s current headquarters in Worli.

Key Points:

• Land Area: 4262 Sq.mtr
• Iconic Location: CG House, a prominent landmark in Worli’s upscale district, will be demolished to make way for the new development.
• Joint Venture: CG Power and K Raheja Corp will share ownership equally, holding a 50% stake each in the leasehold right and the developed building upon completion.
• Project Timeline: The project is expected to take approximately five years to complete, subject to obtaining necessary approvals.
• Transformation Potential: Details regarding the project’s design and purpose remain undisclosed, but the collaboration with K Raheja, a renowned real estate developer, suggests a high-quality development.
• Prime Location: Worli is a prominent micro-market in Mumbai’s real estate sector, boasting high property values. Residential areas can see per-square-foot rates ranging from Rs 40,000 to Rs 90,000, while commercial office spaces command lease rates between Rs 250 and Rs 400 per square foot.

A New Chapter for CG Power:

This project signifies a significant change for CG Power. Following its acquisition by the Murugappa Group in 2020, the company has achieved a financial turnaround, clearing outstanding debts and paving the way for a fresh start.

Transforming Worli’s Landscape:

The redevelopment of CG House adds to the growing list of notable projects in Worli. With established developers like Oberoi Realty, Macrotech Developers, and K Raheja Corp already present, this project is poised to further enhance the area’s prestige.

 

 

Disclaimer: The information herein is based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. Furthermore, The image featured in this article is for representation purposes only. It does not in any way represent the project. If you wish to remove or edit the article or want to publish your news or article please email news@jvdeals.in