Real estate developer Kalpataru has acquired the rights to redevelop a large housing society spread over nearly four acres in Lokhandwala locality in Mumbai, Maharashtra. The proposed redevelopment project has a total estimated development of over eight lakh sq. ft. of which five lakh sq. ft. is saleable area, with a revenue potential of over Rs 2,100 crore.

The layout currently has a total of 12 residential buildings which has 290 apartments spread over 1.90 lakh sq. ft. The redevelopment project entails rehousing and providing a total three lakh sq. ft. of redeveloped space. The company has inked a development agreement and expects to complete it in four years. The developer is working on design and layout of the project.

In June, Kalpataru acquired the rights to redevelop Yoganand Co-Operative Housing Society, spread over nearly six acres in Borivali, and plans to invest around Rs 700 crore to develop a residential project. Currently home to nearly 400 residents, the redevelopment project, estimated to generate revenue worth Rs 1,300 crore is expected to be completed in three to four years.

The Mumbai real estate market has witnessed benchmarking performance, especially in luxury, premium, and mid-income segment properties, and has achieved a new peak in property registration.