Chandak Group acquires 3.6 acre housing society redevelopment project in Mumbai’s Andheri

economictimes.indiatimes.com:

Chandak Group has entered into an agreement to redevelop a housing society spread over 3.6 acre in Mumbai’s Andheri suburb with the project envisaging a total development potential of over 460,000 sq ft. Of the total development potential, the project will provide a saleable area of over 281,000 sq ft that is estimated to have revenue potential of Rs 956 crore.

The project is expected to be completed within a period of four years. The developer has inked the agreement through its group entity Chandak Realtors that has paid stamp duty of Rs 9.06 crore for the registration, showed the documents accessed through Indextap.com “We have just concluded the agreement with the housing society and have applied for the requisite permission that we hope to secure soon.

Given our execution track record and the experience so far, we are confident of completing the project before the time frame of four years,” said Abhay Chandak, director, Chandak Group. The housing society with 340 members currently has a developed carpet area of over 107,000 sq ft and the developer will be providing them a total redeveloped 179,000 sq ft carpet area as defined by RERA.

Chandak Group has so far completed over 30 projects and eight projects are ongoing across Mumbai including five residential developments. In the redevelopment and rehabilitation segment, the company has delivered six projects totalling 4.3 million sq ft and its portfolio includes additional eight such upcoming and ongoing projects with 9 million sq ft.