29th July, 2010 Source: The Hindu Business Line
Mumbai-based real estate developer DB Realty has received a ‘Letter of Intent' from the Government of Maharashtra to develop Sector J of Government Colony, totalling about 57 acres, at Bandra (East) here.
DB Realty bags deal to redevelop 57 acres at Bandra
The Hindu Business Line
Mumbai-based real estate developer DB Realty has received a ‘Letter of Intent' from the Government of Maharashtra to develop Sector J of Government Colony, totalling about 57 acres, at Bandra (East) here.
The developer said that given the proximity of the colony to the Bandra Kurla Complex, it can be looked upon as an extension.
DB Realty plans to construct eight million sq ft at the site, which would also involve rehabilitation of the existing residents. Developers get incentive floor space index for redevelopment projects which after addressing the existing tenants space requirements they are free to sell in the open market.
The incentive FSI can go up to four in the most projects, inclusive of the rehabilitation tenements allocation. Mr Jayesh Doshi, Chief Financial Officer, DB Realty, said the cost per sqft worked out to Rs 8,600 and the company intended to build a world-class enclave comprising residential and commercial space over a period of five to seven years.
On the rehabilitation component, he said the detailing had to be done while agreeing that over 1000 families would have to be taken care of. At the current market rate, the developer can realise Rs 25,000 to 30,000 a sq ft there
Keywords:redevelop
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