Mumbai, India – October 2, 2024: In a significant development for Mumbai’s real estate landscape, Kanakia Spaces Realty has inked a strategic agreement worth ₹208 crore for the redevelopment of two dilapidated buildings in Borivali. This marks a crucial step towards revitalizing the area and providing modern, affordable housing options to residents.
The project, located in the Borivali East region, involves the redevelopment of two old and dilapidated buildings. Kanakia Spaces Realty will undertake the complete redevelopment of these structures, demolishing them and constructing new, modern housing units. The agreement ensures that existing residents will be provided with rehabilitation benefits, including temporary accommodation and a share in the redeveloped project.
This redevelopment initiative aligns with the Mumbai Municipal Corporation’s (BMC) ambitious plans to revitalize the city’s aging infrastructure and provide affordable housing solutions. By redeveloping these dilapidated buildings, Kanakia Spaces Realty is contributing to the city’s urban renewal efforts and improving the quality of life for residents.
The project is expected to generate significant economic activity in the Borivali region, creating jobs and boosting local businesses. Additionally, the redevelopment will enhance the overall aesthetics and infrastructure of the area, making it a more desirable place to live.
Kanakia Spaces Realty has a proven track record in delivering successful real estate projects. With this new venture, the company aims to further strengthen its position as a leading player in Mumbai’s real estate market. The redevelopment of the two buildings in Borivali is expected to be a landmark project, setting a new standard for urban renewal in the city.
