K Raheja Corp Homes, the residential development arm of Realty developer K Raheja Corp, has entered into an agreement to build a luxurious housing project covering 1 million sq ft on a prime 3-acre parcel of land in South Mumbai's Mahalaxmi neighborhood. The project will be developed via an agreement for the sale of the land, which is currently owned by Modern India, a company with interests in infrastructure, power generation, and real estate.
Under the deal, Modern India, promoted by the Jatia family, will receive a share of the sales revenue as consideration for the sale of the land. K Raheja Corp Homes will be in charge of the project's design, approvals, development, and sales, which will spread across two super-structure towers.
Ramesh Ranganathan, CEO of K Raheja Corp Homes, stated that South Mumbai has been a hub of development and a sought-after address for the corporate world's decision-makers and business families. The response to the company's previous projects, such as Raheja Vivarea and Raheja Artesia, has further solidified this belief. The new project, "Raheja Modern Vivarea," fits in with the company's strategy of expanding its presence in the South Mumbai market.
The land parcel is adjacent to Raheja Vivarea, another super-premium residential project developed by K Raheja Corp Homes. This residential hub for corporate executives and CXOs spans 14 acres and features five towers, with the last tower now near completion. The last recorded transaction in Raheja Vivarea was priced at over Rs 90,000 per sq ft in October. Recently, the Bajaj family, headed by Rahul Bajaj, bought five sea-view apartments in Raheja Vivarea for nearly Rs 104 crores.
Mudit Jatia, Executive Director of Modern India, said that the collaboration is a validation of the trust, affiliation, and relationship between the two companies. K Raheja Corp Homes has a reputation for delivering high-quality real estate, having already developed over 3 million sq ft of ultra-luxury residential space in South Mumbai across Raheja Vivarea and Raheja Artesia. The executive is confident that the new offering will be a notable landmark.
The project's design and necessary approvals are already in place, and the development is expected to be completed by 2028. K Raheja Corp Homes is planning to offer apartments with 3 or 4 bedrooms, up to 8,500 sq ft in size, with all units facing west and offering views of the Arabian sea, the Golf Course and the Mahalaxmi Racecourse.
South Mumbai is one of the most expensive and sought-after property markets in the world, with only a few land deals taking place in recent years through joint developments, alliances, and outright acquisitions. K Raheja Corp Homes is the residential arm of the K Raheja Corp Group, which has developed over 10 million sq ft of mid-income and luxury housing across five cities in India, including Mumbai, Pune, Hyderabad, Bangalore, and Goa.
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( With inputs from ANI )
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