Ramky Estates enters Mumbai with 1.5-acre slum redevelopment in Chembur
Hyderabad-based realty developer
Ramky Estates & Farm
has forayed into the
Mumbai
property market by securing rights for a project involving slum rehabilitation redevelopment project spread over 1.5 acres in the country's financial capital's
Chembur
suburb.
The project with development potential of around 463,000 sq ft including 237,000 sq ft free sale area for the developer holds a revenue potential of over Rs 550 crore.
The development involving rehabilitation of over 400 slums is estimated to have overall cost of over Rs 300 crores. The project is expected to be completed in 3-3.5 years including the rehabilitation component.
'This will be Ramky's first pilot project in the Mumbai Metropolitan region (MMR). The project also reflects our intent to participate in socially impactful, capital efficient projects. More strategic acquisitions and redevelopment projects are being worked upon,' said M Nanda Kishore, managing director of
Ramky Estates
& Farm.
Real estate consultancy firm
Anex Advisory
acted as the transaction advisor to Ramky Estates & Farm.
Ramky Estates & Farm, which has presence across Hyderabad, Bengaluru, and Chennai is planning to develop a premium housing on the free-sale component of this project.
The first Letter of Intent (LOI) for the project was issued in 2004 and then revised in 2011-12. Currently, the LOI is being transferred in the name of a special purpose vehicle, and the same is expected to be obtained in the next three months.
Real estate projects involving the redevelopment of old housing societies and slum rehabilitation are the mainstay of the Mumbai region's property market, as the land-starved city and its peripheral areas have few vacant land parcels.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
an hour ago
- Time of India
Meet fails to find consensus on Metro alignment in Thiruvananthapuram; state govt opts for further consultation
Thiruvananthapuram: The long-pending Metro rail project in the state capital has hit another roadblock, as the high-level meeting chaired by chief minister on Wednesday failed to finalise the alignment. Tired of too many ads? go ad free now Instead, the state govt decided to constitute an advisory committee to consult stakeholders on the various alignment proposals, effectively pushing the project back to square one. According to sources, the decision to form the committee was taken after multiple stakeholders presented differing alignment suggestions, complicating the planning process. The committee will be formed under the leadership of the chief secretary. It will examine related matters and submit its recommendations. The committee will include the secretaries of revenue, finance, local self-govt and transport departments. Kochi Metro Rail Limited (KMRL), the implementing agency of the project, presented six alignment options during the meeting. However, Shashi Tharoor, MP, who participated online, also submitted his alignment proposals, prompting the chief minister to recommend further stakeholder consultation before moving forward. In a post on social media platform X, Tharoor wrote, "Had a very constructive online meeting this morning (Wednesday), chaired by the Chief Minister @pinarayivijayan, to discuss plans for a Metro in Thiruvananthapuram, something I have been clamouring for ever since becoming an MP." He added that an advisory committee would be formed to evaluate the proposals. "Our vision for the Metro must be to anticipate the needs of generations yet unborn," Tharoor posted. Tired of too many ads? go ad free now "I am confident that, with the right approach, we can make Thiruvananthapuram an ideal capital city for the 21st century," he added. Meanwhile, KMRL chief Loknath Behera described the meeting as positive and expressed hope that a final decision would be made soon. "A presentation about the alignments of the proposed Metro rail in Thiruvananthapuram was completed. Now, the govt has to take a final decision," he told TOI. Once the alignment is finalised, it will be handed back to KMRL to revise the detailed project report (DPR) originally prepared by Delhi Metro Rail Corporation (DMRC). The DPR's executive summary was submitted to the state govt in Feb 2024. The finance department gave its approval to the project earlier this year. After the chief minister's nod, the project will be sent to the state cabinet for final clearance. In the 2025-26 state budget, the govt announced that preliminary work on the Metro would begin within the year. However, alignment disputes continue to stall progress. The transport department earlier rejected DMRC's original alignment, citing impracticalities and suggested an alternative route beginning at Kazhakkoottam instead of Pallipuram on NH 66. As per the previous cost estimate prepared by DMRC, the project will cost Rs 11,560.8 crore. The KMRL proposed a conventional Metro in Thiruvananthapuram instead of a light Metro, which was initially proposed. It was earlier said that DMRC would submit the report to the KMRL in Jan last year, which would in turn submit it to the state govt by the end of Jan after reviewing it. However, it was delayed.
Time of India
an hour ago
- Time of India
Ranchi vendor markets sinking under choked drains, unhygienic surroundings, & poor infra
1 2 Ranchi: The city's main vendor markets, especially Naga Baba Khatal and Kokar, are characterised by choked drains, unhygienic surroundings, and poor infrastructure. These public spaces remain on the margins of municipal attention in spite of being important areas in a civilised society. A vendor at Rs 10.86-crore valued Naga Baba Khatal Vendor Market, Rekha Devi, said, "Overflowing drains, stagnant water, and heaps of rotting vegetables have turned the area unbearable. Even a small shower turns this place into a filthy swamp. The stink is terrible. Customers avoid coming here." Echoing the statement, customer Neha Kumari said, "The area lacks drainage system. We have to walk in muck mixed with vegetable waste. Toilets are barely usable, especially for women." At Kokar Vendor Market, vendors operate beside garbage piles and blocked drains. "The waste isn't picked up regularly, turning into heaps and lying scattered with rainwater," said Imran, a fruit seller. The Atal Vendor Market, built at a cost of Rs 54 crore with 478 shops, is structurally better but overcrowded. Vendors and customers struggle to navigate narrow congested passages. "There's no space to walk during rush hours, especially when shopkeepers display goods outside their stalls," said Arun Kumar, a vendor. Though these markets were constructed to decongest roads and fight encroachments, their neglected condition is forcing vendors back onto roads and footpaths. "The markets helped control encroachment to some extent. However, the vendors prefer doing their business from the roadside, where footfall is higher and conditions are manageable," said Shabnam Ansari, a vendor at Naga Baba Market. Assistant municipal commissioner Nikesh Kumar said, "Each market has four to five cleaning staff. Restoration files have been submitted to the authorities. Upgradation of infrastructure would begin based on approval." "For hundreds of vendors and thousands of customers, restoring hygiene and functionality in these markets isn't about comfortbut survival," said Ritu Sinha, another customer at the Atal Vendor Market.
Time of India
an hour ago
- Time of India
After SC order, MMRDA seeks price bids from L&T on projects
Mumbai: Nearly two weeks after MMRDA informed Supreme Court that it had "in public interest" scrapped its tenders for the Thane-Ghodbunder-Bhayander twin tunnel and elevated road projects—collectively estimated at Rs 14,000 crore—the planning authority has sought detailed financial estimates from infrastructure giant Larsen & Toubro (L&T). Tired of too many ads? go ad free now The projects include an underground road tunnel from Gaimukh to Fountain Hotel Junction on Ghodbunder Road and an elevated road from Fountain Hotel Junction to Bhayander. Sources said MMRDA sent a letter on June 10 asking L&T to submit detailed financial estimates/price bids, rate analysis and justification and related documents in seven working days "to ensure completeness of the bid records" and "further transparency and public interest". The tender process for the projects had landed in court after MMRDA disqualified L&T from the technical bids round by declaring it non-responsive, saying it had failed to submit a mandatory affidavit. The affidavit required bidders to declare that none of their bridges had collapsed within two years of completion. Megha Engineering and Infrastructure, a prominent purchaser of electoral bonds prior to being scrapped by the apex court, was declared the successful bidder. L&T then moved Bombay HC, alleging lack of clarity over the rejection and the decision not to open its financial bids. HC granted a temporary stay on the opening of price bids on May 13 but dismissed L&T's petitions on May 20, observing "material suppression" by the company. The court upheld MMRDA's tendering process. L&T approached SC, which expressed surprise that technical bids of a firm that had built Central Vista and Atal Setu had been rejected. Tired of too many ads? go ad free now The company disclosed during the proceedings that its quoted prices were significantly lower—Rs 6,498 crore for the tunnel and Rs 5,554 crore for the elevated road. SC was informed that the difference was over Rs 3,100 crore between the lowest bidder and L&T. The bench asked MMRDA how L&T could be technically disqualified from the projects in that case and directed it to check with the state govt if it was willing to re-tender the projects. SC disposed of L&T's petition after MMRDA agreed to re-tender the projects. MMRDA has since maintained that both SC and HC had upheld its submission, but that in deference to the courts and in line with its institutional commitment to transparency, it was decided that both tenders would be scrapped and a fresh tender process would be initiated. In its June 10 letter, it said it had decided to voluntarily scrap the tenders and revise cost estimates in the "spirit of transparency and larger public interest. "
