Revamping Mumbai's Skyline: Paradigm Realty's INR 4500 Crore Redevelopment Project
Paradigm Realty initiates a transformative INR 4500 crore redevelopment project in Mumbai's Bandra and Kandivali, upgrading 11 housing societies...
Paradigm RealtyMumbai Real EstateRedevelopment ProjectsUrban RenewalLuxury Gated CommunitiesReal Estate MaharashtraJul 02, 2024
For residents of these 11 societies, this deal represents a golden opportunity to upgrade their living situation. The redeveloped projects are envisioned as modern, luxury gated communities, offering a significant improvement over the existing structures. Residents can expect amenities like landscaped gardens, gyms, swimming pools, and enhanced security - a far cry from the limitations of older buildings.
The project's impact goes beyond individual homes, signifying a growing focus on urban renewal in Mumbai. With limited land availability, redevelopment is crucial for creating modern housing options. This project alone will create over 2.8 million square feet of new living space, alleviating some of the pressure on Mumbai's real estate market.
Paradigm Realty, a leading developer, benefits from this project by gaining access to prime locations in established neighborhoods. The redevelopment of these societies encompasses over five acres of land, offering valuable real estate within the city limits. The Maharashtra government's recent decision to waive stamp duty for society members undergoing redevelopment makes these projects even more attractive for both residents and developers.
Under this new policy, members of these societies will only pay a nominal INR 100 as stamp duty on their allotted permanent accommodations within the redeveloped project. This significantly reduces the financial burden associated with the redevelopment process. The principal agreement between the developer and the housing society will be charged stamp duty as per conveyance.
Overall, this multi-crore deal between Paradigm Realty and the housing societies is a win-win. Residents get the chance to live in modern, upgraded homes with a total free-sale RERA carpet area of up to 1 million sq ft in the Kandivali project alone. The developer gains access to valuable land and contributes to Mumbai's urban renewal efforts. This project is just one example of the growing importance of redevelopment in shaping the future of Mumbai's real estate landscape, potentially leading to a more modern and sustainable cityscape.
Information
Paradigm Realty is a leading real estate developer in Mumbai, known for its commitment to delivering high-quality residential and commercial projects. The company's focus on redevelopment projects has enabled it to create modern and sustainable living spaces in prime locations across the city.
Frequently Asked Questions
What is the value of Paradigm Realty's redevelopment project in Mumbai?
The project is valued at INR 4,500 crore.
How many housing societies are being redeveloped under this project?
11 housing societies are being redeveloped under this project.
What are the benefits of the redevelopment project for residents?
Residents will get to live in modern, upgraded homes with amenities like landscaped gardens, gyms, swimming pools, and enhanced security.
What is the impact of the project on Mumbai's real estate market?
The project will create over 2.8 million square feet of new living space, alleviating some of the pressure on Mumbai's real estate market.
What is the stamp duty waiver policy for society members undergoing redevelopment?
Members of these societies will only pay a nominal INR 100 as stamp duty on their allotted permanent accommodations within the redeveloped project.
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