Real estate developer Macrotech, a brand of Lodha developers, has gotten into a development agreement for a slum rehabilitation project in Mumbai's Worli neighbourhood. The deal, valued at INR 359.48 crore, involves the free-sale portion of the project.
The deal was officially filed on October 11, 2023. The contract was signed by Macrotech Developers, promoter Manju Porwal, and Sattadhar Constructions Private Limited.
The project is part of the state government's programme to renovate slum areas. It will be located on Khan Abdul Gaffar Khan Road on Worli Sea Face. The developers plan to use the rehab space on the land to rehabilitate about 172 slum residents.
The total area of the land is approximately 85,153 square feet. Of this, 26,156 square metres will be used for renovation, and 22,438 square metres will be set up for free sale.
The project's floor space index (FSI) has been approved and is 5.172. The stamp duty for the project totals around INR 17 crore.
Sattadhar Constructions entered into a development agreement with the Subedar Ramaji Ambedkar Co-operative Housing Society in July 1996 to redevelop the slum. The company received a letter of intent from the Slum Rehabilitation Authority in January 1998. It was later updated in 2004, 2016, and April 2023.
Sattadhar Constructions and Porwal will build the SRA. Macrotech will create the sale component and split the net profits.
The developer plans to construct a 38-story luxury tower for sale. Sattadhar Constructions will receive flats on five levels of the structure.
The project is located at the Worli Sea Face promenade's southern end, next to the Worli Milk Dairy. The deal also includes a reservation of 1,211 sq m for the Worli milk dairy. This will be constructed free of charge and given to the dairy development department.
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