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K Raheja Corporation Homes, the residential development arm of real estate developer K Raheja Corporation, has agreed to build a 1 million square foot luxury housing project on a 3-acre prime land parcel in Mahalaxmi locality, South Mumbai.
The project will be developed through a sale agreement for the plot currently owned by Modern India, which has business interests in infrastructure, power generation, and real estate.
Modern India, which is promoted by the Jatia family, will receive a percentage of the sales revenue as part of the agreement. K Raheja Corporation Homes will be in charge of the project’s design, approvals, development, and sales, which will span two superstructure towers.
South Mumbai has remained a center of development and an ideal destination for the corporate world’s decision makers and business families. The response to our marquee projects, such as Raheja Vivarea and Raheja Artesia, has secured our belief in Mumbai.
“The new project, ‘Raheja Modern Vivarea,’ fits in perfectly with our business strategy of expanding our presence in this SOBO micro market,” says Ramesh Ranganathan, CEO of K Raheja Corporation Homes.
The land parcel is next to a super-premium residential project Raheja Vivarea, which is also developed by K Raheja Corporation Homes. The project become as the residential hub for corporate directors and administrators, is spread over 14 acres of land which includes five luxury towers.
In this project, K Raheja Corporation Homes intends to build apartments with 3 and 4 bedrooms, with carpet areas ranging from 8500 square feet per family. All apartments will be west facing, with views of the Mahalaxmi Racecourse, the golf course, and the Arabian Sea.
K Raheja Corporation Homes is the residential arm of the K Raheja Corporation Group. The company has built over 10 million square feet of mid-income and luxury housing in Mumbai, Pune, Hyderabad, Bangalore, and Goa.
Source-ET
