Kalpataru expects Rs 1,250 cr revenue from new cluster redevelopment project in Mumbai

Kalpataru Ltd expects a total revenue of Rs 1,250 crore from a cluster redevelopment project in Mumbai's Ashok Nagar, Kandivali East area.

Realty firm Kalpataru Ltd on Monday said it expects a total revenue of Rs 1,250 crore from a cluster redevelopment project in Mumbai.

In a regulatory filing, the company said it has signed a large cluster redevelopment project comprising five adjacent societies in Ashok Nagar, Kandivali East, Mumbai (Ashokgram Cluster).

The cluster project is spread over 2.8 acres of land with a free sale potential of 0.37 million sq ft carpet area.

The estimated revenue potential is around Rs 1,250 crore.

Parag Munot, Managing Director of Kalpataru Ltd, said, ''we view redevelopment as a transformative journey that breathes new life into existing communities.''.

Kalpataru Ltd, one of the largest real estate firms in the country, has a total of 83 completed projects aggregating to more than 23.3 million square feet of developable areas and 31 ongoing and forthcoming projects spread over 43 million sq ft across Mumbai, Thane, Panvel, Pune, Lonavala, Nagpur, Noida and Hyderabad.