Kalpataru signs Agreements with 2 Housing Societies for Rs. 2, 000 crore in Mumbai

Mumbai-based Kalpataru has signed agreements to redevelop two housing societies spanning 7.37 acres in the eastern suburb of Chembur and the western suburb of Goregaon, according to documents accessed by IndexTap. Market sources estimate that the redevelopment will cover 1.5 million sq ft, with a revenue potential of Rs. 2,000 crore. 

As per property registration records from CRE Matrix, the company has signed two development agreements worth Rs. 328 crore for these projects. The redevelopment will include 480 residential units for sale in the open market and over 320 units allocated for rehabilitation. 

The documents indicate that the two housing societies, Hari Niketan CHS in Goregaon and Suman CHS in Chembur, are set for redevelopment. The agreement for Hari Niketan CHS was registered on October 3, 2024, with a valuation of over Rs. 81 crore and a stamp duty payment of Rs. 6.53 crore. The Suman CHS agreement, signed on January 30, 2025, is valued at Rs. 247 crore, with a stamp duty of Rs. 21.06 crore. 

An email query sent to Kalpataru regarding the redevelopment plans did not receive a response. Attempts to contact the two housing societies for comments were also unsuccessful. 

In Maharashtra, several aging buildings, especially those with two to seven storeys, are undergoing redevelopment. This process involves demolishing old structures and replacing them with modern, larger buildings while adhering to regulatory norms to improve infrastructure and housing conditions.

Residents of old buildings receive larger apartments at no cost in the newly constructed building, as the developer generates profit by selling a portion of the new units. Additionally, the government earns revenue by selling the floor space index (FSI) to the builder.