Kalpataru inks Rs 1,250 crore cluster redevelopment in Mumbai’s Kandivali

Realty developer Kalpataru has signed a cluster redevelopment project comprising five adjacent housing societies spread over 2.8 acres of land in Ashok Nagar, Kandivali with a gross development value (GDV) of around Rs 1,250 crore.

The cluster is estimated to hold a free-sale potential of nearly 0.37 million sq ft carpet area, the company said on Monday.

The company is planning to undertake residential development with high-street retail on the plot located in one of Mumbai’s rapidly evolving residential micro-markets, benefiting from connectivity to key road networks and metro corridors.


“Our portfolio of ongoing and forthcoming projects comprises 31 projects spread across 43 million sq ft. Of this, 11 million sq ft is in the form of joint ventures, joint development pacts and society redevelopment projects. With the addition of the Ashokgram redevelopment, we further add 0.6 million sq ft to this portfolio,” said Parag Munot, MD of Kalpataru Ltd.

In addition, the company has a robust pipeline of projects under active consideration across the seven key micro-markets of Mumbai and Pune, reinforcing long-term growth strategy and expansion footprint in these high-potential urban clusters, he added.

The latest redevelopment project further strengthens Kalpataru’s presence in Kandivali East, where the company has already delivered six residential developments.

Kalpataru has been actively expanding its redevelopment portfolio across Mumbai’s key residential micro-markets. Earlier this March, the company had announced a redevelopment project in Andheri East with an estimated GDV of around Rs 1,400 crore.

The latest signing comes amid sustained demand for redevelopment-led housing projects in suburban Mumbai, particularly in locations with improving metro connectivity and established civic infrastructure.

Mumbai’s redevelopment market has emerged as one of the key growth drivers for residential developers amid limited availability of greenfield land parcels within the city limits. Developers are increasingly focusing on cluster redevelopment projects that allow consolidation of multiple societies and enable creation of larger integrated developments with modern amenities.