Macrotech, a listed real estate developer that operates under the brand name ‘Lodha’, has signed an agreement for development in the free sale component of a slum rehabilitation project in Mumbai’s Worli area. According to a Moneycontrol report citing documents accessed by realty data analytics firm CRE Matrix, the deal is valued at Rs 359.48 crore.
The agreement was signed between promoter Manju Porwal, Sattadhar Constructions, Sattadhar Constructions Private Limited, and Macrotech Development. The transaction was registered on October 11, 2023.
Lodha will use the rehab component of the land, which is being developed as part of the state government’s slum rehabilitation scheme, to rehabilitate about 172 slum dwellers.
The land spreads over 85,153 square feet (about 7,900 sq metres). Of this, the rehab component is 26,156 sq mtrs and the free sale built-up area is 22,438 sq mtrs. The floor space index (FSI) approved for the project is 5.172, according to documents provided by CRE Matrix. FSI is the maximum permissible area that a builder can construct on a piece of land, according to the Moneycontrol report.
A total of Rs 17 crore has been paid as the stamp duty for the project.
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