Wadhwa Cluster, Deserve Exim Ink Pact for Thirteen.5-Acre Chembur Slum Rehabilitation Project
MUMBAI: Mumbai-based builder Wadhwa cluster has entered into an agreement with another native developer Deserve Exim to amass a slum rehabilitation project unfold over 13.5 acres in town suburb Chembur, said persons conversant in the event.
The project, with total estimated saleable area of over 8 lakh sq ft, has revenue potential of nearly Rs 900 crore. Deserve Exim has already applied to the slum rehabilitation authority with the project proposal, and therefore the development potential might vary consistent with the particular clearance , said one among the sources.
The 13.5-acre plot is a component of a bigger targeted project unfolds over 40 acres. However, Wadhwa has to this point entered into development pact for under initial section and is nevertheless to come to a decision on taking part within the entire 40-acre project.
Under the joint development pact, Wadhwa cluster can get 60% revenue of the project, whereas the remainder can attend partner Deserve Exim. As a part of the transaction, Wadhwa cluster is additionally expected to pay around Rs 50 crore as an upfront payment for the project in 2 tranches.
Wadhwa cluster officers declined to comment for the story, whereas an email question sent to Deserve Exim remained unanswered. The slum, underneath initial section of the project, is situated behind RK Studio in Chembur and has total 850 tenements that can ought to be rehabilitated to assert the free-sale part of the project.
Wadhwa cluster is aiming to develop residences targeting middle-income cluster. Currently , rate of such residential properties in Chembur is between Rs 11,000 and Rs 12,000 per sq ft.
In the backdrop of scarcity of open and vacant land parcels in Mumbai, slum rehabilitation comes are attracting realty developers with a chance to urge prime plots.
However, despite being developers, several giant entities don't have the experience in handling an SRA project that most significantly involves handling tenant problems and, therefore, they like tie-ups to urge access to those land.
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