K Raheja Corp to Form Luxury Apartments in Mumbai's Worli
Here's the exclusive on a new high-end development approaching to Worli, Mumbai!
Real estate key player K Raheja Corp is set to begin on a
2.5-acre plot in this upmarket area. They're planning a swanky residential
complex that has the potential to bring in big bucks.
Sharing the Profits
K Raheja Corp. comes into contact with a deal with the
landowner on how to split the project's earnings. The developer resolves pocket
57%, while the landowner gets the remaining 43%.
Who, What, and When
K Raheja Corp. will be in control of everything from drawing
up the plans and receiving the necessary approvals to truly building,
marketing, and selling the apartments. They're directing them to complete the
project within five years.
What to Expect
The project is predicted to offer around 3 lakh square feet
of luxurious living space. The authorized agreement for this combined
development was recently signed.
What's there now?
Currently, the land has a mix of uses. Part of it is an
office building with tenants, though there are also some shops and some empty
land. Ownership differs across the plot, with some areas possessed outright and
others leased. This means they'll want sanction from the Maharashtra Housing
& Area Development Authority (MHADA) to move forward.
Luxury Real Estate on the Growth
India's luxury property market is prosperous, with sales
values for these elaborate digs more than doubling in 2023 compared to the year
before. Mumbai, mainly South Mumbai and Worli-Prabhadevi, has seen a giant jump
in the number of luxury property deals.
Why the trend?
With a mandate for luxury apartments rising, developers are
pulling out all the stops to appeal to wealthy buyers. They're offering unique
designs, top-notch amenities, and smooth, personalized services to cater to
this discerning clientele.