The sea-facing Adarsh Nagar society in Worli is soon set to become one of the most sought after locations in the city. Residents of the middle-income group (MIG) housing colony, which is spread over 6 acres, have decided to put it up for redevelopment. As per conservative estimates, the property could be valued at around Rs. 1,500 crore after redevelopment.
“The rate in Worli is around Rs45,000 per sq ft depending on the developer and the project. Also, there are not many developable properties in the area, and this redevelopment project could be a good value proposition,” said Anand Narayanan, national director, Knight Frank India.
The society, which was built in 1965, has 224 apartments spread across 24 buildings and according to a consultant appointed to conduct a redevelopment feasibility report, it is expected to get a floor space index (FSI) of 1.6. The society has an FSI of 0.9, but the ground plus three buildings and its garden would enable it to get the additional FSI.
“The society has three types of buildings — those with flats that have carpet area of 500 sq ft, 625 sq ft and 887 sq ft,” Adarsh Nagar secretary Nimesh Shah told HT. “We are expected to finalise a developer within a month.”