Sheth Homes inks Joint Development Deal in Kandivali, Mumbai

Sheth Homes inks Joint Development Deal in Kandivali, Mumbai

Sheth Homes inks Joint Development Agreement with BSRCPL for Residential Project in Mumbai’s Kandivali. Sheth Homes, a Mumbai-based luxury developer, has joined forces with Bombay Slum Redevelopment Corporation (BSRCPL) to develop a residential project in Kandivali.

Project Details:

• Location: Kandivali, Mumbai
• Project Type: Residential
• Estimated Saleable Area: Nearly 1 million sq ft
• Project Timeline: Two phases (four years each with a one-year grace period per phase)

Project Components:

• This project is part of a larger slum rehabilitation initiative.
• Sheth Homes will develop the free-sale component of the project on a 1.98-acre land parcel.
• BSRCPL has already completed a portion of the slum rehabilitation project and received an occupation certificate.

Financial Breakdown:

• Sheth Homes’ investment: Over Rs 400 crore
• Deposit to BSRCPL: Rs 100 crore (paid in tranches)
• Revenue Sharing:
  • Sheth Homes: 61%
  • BSRCPL: 39% (including partial space allocation to settle a Rs 400 crore loan)
• Stamp Duty Paid: Rs 12 crore (approx.)

Market Potential:

• Sheth Homes’ revenue share is estimated at Rs 236 crore based on current property rates, with growth potential.

Project Status:

• The agreement between Sheth Homes and BSRCPL was registered in February 2023.
• Construction is expected to begin soon, with completion targeted within the specified timelines.

This collaboration between Sheth Homes and BSRCPL signifies their contribution to slum rehabilitation efforts in Mumbai while creating a new residential project in Kandivali.

 

 

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