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Macrotech Developers in talks with HDFC to develop office project in Andheri

Thursday, 17 Jun 2021
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Macrotech Developers, a real estate developer, is in advanced talks with mortgage lender HDFC to enter into an agreement to develop 1.4 million sq ft commercial project in Andheri suburb of Mumbai.
HDFC is a financial investor in the development that is currently being undertaken by Omkar Realtors & Developers as a slum rehabilitation project. Other large developers including Runwal Group and Rustomjee Group also held discussions earlier for this project. 
As part of the proposed tripartite agreement, Macrotech Developers will be responsible for development of 15-storey office tower with five basements, while Omkar is expected to secure approvals in addition to completing the rehabilitation part.
The pact is expected to be concluded in the next few weeks. The proposed alliance is expected to help Macrotech Developers build its commercial development portfolio further while pushing HDFC’s return.
The project, Kenspeckle, has already completed 90 percent of the rehabilitation part, while the free-sale commercial component has reached the plinth level.
Macrotech Developers, as the new entrant in the development, is expected to provide a certain part of commercial space, once completed, to HDFC as part of the consideration.
The real estate developer recently announced entering into two joint development agreements for Mumbai’s western suburb Malad and Pune’s NIBM locality. Both the projects hold an estimated gross development value of around Rs 1,500 crore.
The developer will share revenue with landowner partners in these two projects.
The company is looking at entering into more such alliances to widen its presence in several micro-markets. It will go for outright land purchases only if there are good opportunities.
Macrotech Developers holds nearly 5,000 acre land parcels across MMR including Malabar Hill, Napean Sea Road, Tardeo, Prabhadevi, Mira Road, Palava and Upper Thane.
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