On MHADA plot for EWS housing, twin to one of city’s plushest buildings coming up | Mumbai news - Hindustan Times
close_game
close_game

On MHADA plot for EWS housing, twin to one of city’s plushest buildings coming up

ByDraupadi Rohera
Jun 11, 2024 08:56 AM IST

The new project will come up on a Maharashtra Housing and Area Development Authority (MHADA) colony called Adarsh Nagar

Mumbai: Oberoi Realty which built Three Sixty West, one of Mumbai’s ultra-luxury developments at Worli, has acquired a 3.2-acre land parcel just 400 meters away diagonally across and where they will build another tower with similar dimension and pricing.

On MHADA plot for EWS housing, twin to one of city’s plushest buildings coming up
On MHADA plot for EWS housing, twin to one of city’s plushest buildings coming up

The current residential Three Sixty West has two towers comprising 4 and 5 BHK units in addition to duplex apartments and penthouses. Its USP is that all apartments are west facing and offer a spectacular sea view. Among those who have bought houses here are actor Abhishek Bachchan, Shahid Kapoor and Karan Bhagat, founder and CEO of 360 One, earlier known as IIFL Wealth & Asset Management, who recently bought two units for over 170 crore.

Get ready to catch the final stages of the World Cup only on Crickit. Anytime, Anywhere. Explore now!

Also Read: Mumbai redevelopment news: Raymond Realty wins redevelopment project in Bandra with 2,000 crore revenue potential

Last year the promoters of Everest Food Products also acquired two apartments for over 143 crore. According to data shared by CRE Matrix, 360 West, constructed by Oberoi Realty, along with its partner, has witnessed 19 transactions since April 2023 worth over 1,300 crore.

The new project will stand diagonally across Dr Annie Besant Road and will come up on a Maharashtra Housing and Area Development Authority (MHADA) colony called Adarsh Nagar confirmed Pravin Mahadik, assistant vice president of redevelopment projects, Oberoi Realty.

Adarsh Nagar had been constructed in the 1950s to provide affordable housing for the economically weaker sections (EWS). It comprised 68 buildings and 18 cooperative housing societies. One of these 18 societies, The Shramik Cooperative Housing Society which comprises seven buildings with 504 lower-income (LIG) category homes, has now entered into this redevelopment deal with Oberoi Realty.

Also Read: Mumbai real estate market: Here’s why listed realtors are making a beeline for redevelopment projects

As per the agreement, Shramik Society’s seven old buildings will be torn down and replaced by two 44-storeyed rehab towers on a partial plot size of around 3.52 lakh sq ft. In lieu of this, the company expects to get 6.24 lakh square feet carpet to be sold in the open market. The current property rates in this area are between 1 lakh to 1.5 lakh per sq. ft, according to Nikhil Dixit, partner, Shilp Associates, project management consultants appointed by the society.

“Each family that currently occupies 330 sq. ft size apartments will receive a new flat which will have double their existing space (674 sq. ft) and an additional 22 lakh as corpus for every society member”, says Surendra Naik, chairman of the society. “Each family will also receive 40,000 per month as transit rent for three years, which will be given to them in one stroke as advance payment,” Naik added.

Also Read: Mumbai redevelopment: MICL working on development agreement of Aamir Khan’s housing society in Pali Hill

MHADA sources confirmed that the Shramik Housing Society had approached them about redevelopment and that they would be issuing the NOC once the plans are submitted and approved. “The developer will pay a premium amount of 230.51 crore to MHADA in four instalments. The available FSI for the project is 4 and can go up to 5.3,” sources added.

Plans and layouts are underway to utilise the free sale component in the makeover project for a sister complex of 360 W luxury tower. “The construction and design will be in keeping with our brand signature style. The final call on this front, however, will be taken by Vikas Oberoi, chairman and managing director of the company,” Mahadik said.

Get World Cup ready with Crickit! From live scores to match stats, catch all the action here. Explore now!

Stay updated with all the Breaking News and Latest News from Mumbai. Click here for comprehensive coverage of top Cities including Bengaluru, Delhi, Hyderabad, and more across India along with Stay informed on the latest happenings in World News.
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Monday, June 24, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On