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Paradigm Realty announces redevelopment in Kandivali with approx. Rs 3500 Cr GDV
The Business Guardian
|June 28, 2024
Mumbai-based developer Paradigm Realty has signed a redevelopment agreement for a development potential exceeding 2.5 million sq. ft. at Mahavir Nagar, Kandivali (W) with an investment of 200 crore through internal accruals. Spread across a -4-acre land parcel in Mahavir Nagar, Kandivali (W), the project includes free-sale RERA carpets of up to one million sq ft and carries a gross development value close to USD 0.44 Billion (approximately Rs 3500 crore).
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Paradigm Realty's new project will involve the redevelopment of 9+ societies, contributing to the creation of 600 residential units, with revenue expectations of Rs 3500 Cr. The current per sq.ft. cost in Kandivali Mahavir Nagar for under-construction stands at RS32,000 - 38,000 psf, reflecting the premium nature of this project with ready-to-move-in properties are as high as Rs 45,000 plus.
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