Kanakia Group grows interest in redevelopment projects in Mumbai
Kanakia Group has changed its focus from commercial projects to redevelopment of residential projects in Mumbai. Its promoters recently sold a stake in Cinemax India Ltd, a multiplex chain to PVR Ltd because the group is planning to focus on residential developments.
Kanakia Spaces Pvt. Ltd, a Mumbai based developer is in talks for the redevelopment of a housing society in Versova in Mumbai. The built-up or constructed area for redevelopment in the project will open up 100,000 sq ft.
This is not the first time a company is concentrating on redevelopment of projects. Kanakia Spaces is one of the top private developers in Mumbai who have exceeded building in 10 million sq ft of residential, office and industrial spaces.
Today in this low global market era, many developers want to balance their profile with both residential and commercial development. Lot of real estate giants like DLF and Unitech, who had gone into non real estate businesses are returning back to roots.
In a city like Mumbai where plots are available to the minimal, redevelopment of projects have offered a lucrative lifeline to many developers. They take up run-down housing societies and slums and turn them into gated communities or residential projects in Mumbai.
By doing so, they get around 60-70 percent of revenue which is used to clear off the debts afterwards.
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Housing Societies in Mumbai, Kanakia Group, Kanakia Spaces Pvt. Ltd, Mumbai, Projects in Mumbai, Redevelopment projects in Mumbai, Residential projects in Mumbai, residential spaces in Mumbai, Versova
