Kalpataru's Landmark Real Estate Deal: A 93,000 Sq Ft Leap

Kalpataru Ltd, a major Mumbai-based realty firm, recently sold 93,000 sq ft of office space in its commercial project at Vikhroli for Rs 304 crore. Despite a notable 41% growth in pre-sales and a significant rise in sales bookings, the company reported a net loss in the first quarter.

Mumbai's real estate developer Kalpataru Ltd achieved a significant milestone by selling 93,000 square feet of office space for Rs 304 crore. The sale occurred in their 'Kalpataru Virtus' project at Vikhroli, anticipated to be completed by December 2027, as revealed by sources.

Spanning 2.75 lakh square feet, this commercial project has been pivotal for Kalpataru, who refrained from commenting on the specifics of the recent transaction. The company has already sold commercial assets worth approximately Rs 1,200 crore in the past year, positioning them strongly in the real estate market.

Despite witnessing a striking 41% increase in pre-sales, peaking at Rs 4,531 crore last fiscal year, Kalpataru still faced financial challenges, reporting a net loss of Rs 49.42 crore in the first quarter. Nonetheless, sales bookings saw a promising 83% rise, reaching Rs 1,249 crore.

(With inputs from agencies.)