One builder to develop 10 Ghatkopar societies

The company, promoted by realtor and BJP MLA from Ghatkopar East Parag Shah and his son Manan, paid a sum of ₹264.09 crore collectively for the development rights of all 10 societies, bringing an area of 12,262 sqm under redevelopment, according to registration documents accessed and shared by Zapkey.com

Mumbai: Man Infra Construction Ltd (MICL), a leading developer, has purchased the development rights for a cluster development project of 10 co-operative housing societies on 60 feet road, Ghatkopar East, for a sum of ₹264.09 crore. This will be MICL’s second cluster development project after the old Chikhalwadi chawls in Tardeo.

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The company, promoted by realtor and BJP MLA from Ghatkopar East Parag Shah and his son Manan, paid a sum of ₹264.09 crore collectively for the development rights of all 10 societies, bringing an area of 12,262 sqm under redevelopment, according to registration documents accessed and shared by Zapkey.com. The development also paid a stamp duty of ₹13.49 crore for the registration of the redevelopment agreements registered between May 25, and June 10 this year.

The cluster project will redevelop 224 flats in the old societies under Regulation 33 (9) of the Development Control and Promotion Regulations, 2034. Barring Meenalochana co-operative housing society, which has 34 flats for redevelopment, all nine societies have 16 to 24 flats. Meenalochana society also has the largest area of 2,138 sqm and its rights were valued at ₹41.45 crore.

The other societies include Lalit Prakash CHS (726 sqm), Belvedere CHS (1104.50 sqm), Honey Comb CHS (1214 sqm), Sarvabandhu CHS (1337.50 sqm), Awadhpuri CHS (1104.40 sqm), Neelkanth Chaya CHS (1109.70 sqm), Balaji Prasad CHS (1109.40 sqm), Ashwamedh CHS (1080.60 sqm), and Shree Natraj CHS (1337.80 sqm). They are all located near the Swaminarayan Temple in a prime area in Ghatkopar East.

Industry sources said MICL plans to develop the cluster in an integrated manner in approximately 18-storey high towers bringing several new amenities like a squash court, a theatre, a 10,000 sq ft clubhouse, a 30,000 sq ft garden for the first time in a housing project in Ghatkopar East.

MICL, which made its name in port development, has constructed some high-profile projects like Nhava Sheva international container terminal at Jawaharlal Nehru Port Trust in Navi Mumbai in 1997, Mundra Port, Chennai Port, Vallarpadam Port and the Pipavav Port. In 2006, the company ventured into slum rehabilitation and built three 55-storey towers christened Orchid Woods. In 2010, it was listed on BSE and NSE and brought an IPO in March 2010. In 2013, Parag Shah’s son Mannan joined the business, and the company expanded its portfolio of luxury residential projects.