Lalbaug project takes off | mumbai | Hindustan Times
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Lalbaug project takes off

Nine floors of podium parking with a capacity of 2,200 cars, 1 lakh sq ft of open space with a jogging track, swimming pool and a health club along with a sewage and water treatment plant.

mumbai Updated: Mar 26, 2010 02:08 IST

Nine floors of podium parking with a capacity of 2,200 cars, 1 lakh sq ft of open space with a jogging track, swimming pool and a health club along with a sewage and water treatment plant. These are the plans of Nish Developers, the firm floated by the Non Resident Indian (NRI) Kailash Agarwal, which became the first to undertake the cluster redevelopment scheme in the city.

Located near the Bharatmata cinema, Nish Developers will redevelop 6.5-acre of land. The project cost is estimated at Rs 1,000 crore. 579 tenants occupying the chawls will get bigger homes while 46 shopkeepers will get new business premises in three 23-storey buildings.

In addition, both the civic body and MHADA will get 190 flats free of cost. Nish Developers will build two towers of 50 floors, housing 300 flats, measuring between 1,200 and 1,400 sq ft to be sold in the open market. All the buildings will be Platinum Grade Green buildings and residents would get an incentive of 50 per cent on property tax.

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