K Raheja Corp, Modern India ink pact to develop 1-million-sq-ft project in Mumbai

Realty developer K Raheja Corp’s residential development arm K Raheja Corp Homes has
entered into an agreement to develop a 1-million-sq-ft luxury housing project spread over 3-acre
prime land parcel in South Mumbai’s Mahalaxmi locality.
The project will be developed through an agreement for sale of the plot currently owned
by Modern India that has business interest spanning across infrastructure, power generation
and real estate.
As part of the deal, Jatia family-promoted Modern India will get a consideration for sale of this
land as a certain percentage of the sales revenue. K Raheja Corp Homes will be responsible for
the design, approvals, development, and sales of the project spread across two super-structure
towers.
“South Mumbai has remained a hotbed of development and a preferred address for corporate
world’s decision makers and business families. The response to our marquee projects including
Raheja Vivarea and Raheja Artesia has strengthened this belief further. The new project ‘Raheja
Modern Vivarea’ fits seamlessly with our business strategy of deepening presence in this SOBO
micro market,” Ramesh Ranganathan, CEO, K Raheja Corp Homes, told ET.
The said land parcel is adjacent to Raheja Vivarea, a super-premium residential project also
developed by K Raheja Corp Homes earlier. The project, known as the residential hub for
corporate honchos and CXOs, is spread over 14 acres and houses five towers of which the last
tower is now close to completion.
The last concluded and registered transaction in Raheja Vivarea was priced at over Rs 90,000
per sq ft in October. Recently, Rahul Bajaj’s family bought five sea-view apartments in Raheja
Vivarea for nearly Rs 104 crores.
“This collaboration is a validation of the trust, affiliation, and relationship that we share with the
group. Having delivered over 3 million sq ft of ultra-luxury residential space in South Mumbai,
across Raheja Vivarea and Raheja Artesia, K Raheja Corp Homes has an earned repute to
curate high quality real estate, and we are confident this offering too will be a notable landmark,”
said Mudit Jatia, executive director, Modern India.
The land parcel earlier housed a private textile mill and is now being monetised by Modern
India. The development of the entire project, for which the design and necessary approvals are
already in place, is expected to be completed by 2028.
K Raheja Corp Homes is planning to develop apartments with configuration of 3 and 4
bedrooms going up to the size of 8,500 sq ft carpet area per family in this project and all the
apartments will be west facing with views of Mahalaxmi Racecourse, golf course and Arabian
Sea.
South Mumbai is amongst the most expensive and sought-after property markets globally and
has witnessed only a few land deals either through joint developments, alliances, and even
outright acquisitions in the last few years.
Recently Shapoorji Pallonji Real Estate and Asia Pacific-focused investment firm PAG stepped
in to revive a super-luxury residential project, The Minerva, in Mahalaxmi by extending theirbrand and financing support, respectively.
K Raheja Corp Homes is the residential vertical of conglomerate K Raheja Corp Group. The
company has developed over 10 million sq ft of mid-income and luxury housing across five cities
of India including Mumbai, Pune, Hyderabad, Bangalore, and Goa.