MICL Real Estate acquires development rights of 10 housing societies in Mumbai’s Ghatkopar
MICL Real Estate has acquired development rights of a total 10 adjoining housing societies in Ghatkopar suburb of Mumbai. The company has acquired the rights to redevelop these housing societies through its subsidiary MICL Creators LLP wherein it holds 60% partnership interest. The project will be executed as a cluster redevelopment under regulation 33(9) of the Development Control Promotion and Regulation (DCPR), 2034.
The entire project spread over a total of more than 3 acres is estimated to have a total development potential of 1.3 million sq ft and free-sale component of over 4 lakh sq ft. MICL has concluded and registered all these redevelopment agreements with 10 housing societies between May and June, showed the documents accessed through Zapkey.com. The proposed redevelopment project is expected to be completed within 3.5 to 4 years with a total cost of over Rs 900 crore including the construction cost, rent to be paid to existing apartment owners, premium cost, etc.
The project is estimated to have a total revenue potential of over Rs 1,200 crore based on the current property rates in the vicinity, said property brokers. MICL has so far developed and delivered 14 residential projects with a total area of 1.5 million sq ft. The company currently has seven ongoing projects with a total area of 2 million sq ft.
It has five upcoming projects in the pipeline with a development area of 2.6 million sq ft. ET’s email query to MICL remained unanswered until the time of going to press. Real estate projects involving redevelopment and rehabilitation are the mainstay of Mumbai’s property market as the land-starved city has few vacant land parcels.
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