Lodha secures Rs 3.59 bn contract for Worli construction

Real estate developer Macrotech, operating under the Lodha brand, has entered into a development agreement for a project in the free sale component of a slum rehabilitation initiative in Mumbai's Worli area. According to documents accessed by CRE Matrix, a real estate data analytics firm, the total market value of the deal is Rs 3.59 billion. The property is part of a slum rehabilitation scheme by the state government. As per information provided by CRE Matrix, the developers intend to use the rehab component of the land to relocate approximately 172 slum dwellers. The land spans over 85,153 square feet (about 7,900 sq m). Out of this, the rehab component covers 26,156 sq m, while the free sale built-up area is 22,438 sq m. The floor space index (FSI) approved for the project stands at 5.172, as per CRE Matrix documents. FSI represents the maximum allowable construction area on a given land parcel. The stamp duty paid for the project amounts to approximately Rs 170 million. The agreement was formalised among four parties: promoter Manju Porwal, Sattadhar Constructions, Sattadhar Constructions, and Macrotech Developers. The transaction was officially registered on October 11, 2023.