Sunteck Realty secures Rs 1,100-crore redevelopment project in Mumbai's Andheri
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Listed realty developer Sunteck Realty has secured rights to redevelop a housing society spread over a 2.5-acre land parcel in Mumbai's western suburb of Andheri east, through a society-led redevelopment agreement, with expected revenue potential of around Rs 1,100 crore.The project is expected to hold a total construction and development potential of over 1 million sq ft, including 275,000 sq ft of free sale component, said persons with direct knowledge of the development.The company is currently working on approvals and the construction is expected to commence following the formal handover of the site by the society, with completion targeted within 36 to 48 months thereafter.The project's total investment is expected to be around Rs 750 crore including construction cost, floors-space index premium, rentals and corpus to the society. The developer is likely to fund the entire development through internal accruals.Originally established by LIC employees, the society comprises a total 11 buildings, construction of which was completed in 1968. The society was built entirely on an ownership basis by LIC staff.'The company has recently signed the 79 A agreement with the housing society and is currently working on the further planning of the project,' said one of the persons mentioned above.An agreement with the housing society under Section 79 A of the Maharashtra Co-operative Societies Act , 1960 requires majority consent of members before finalizing redevelopment plans. This means the society and the developer have agreed to follow a structured process that emphasizes transparency, member rights, and legal protection.On Thursday, Sunteck Realty informed the stock exchanges about securing the rights for redevelopment of this housing society. ET's email query to the company seeking further details of the development agreement remained unanswered until the time of going to press.Real estate projects involving the redevelopment of old housing societies and 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.In 2023, the government of Maharashtra stated that a member of a housing society that undergoes redevelopment need not pay stamp duty on the allotted permanent accommodation as part of the project.Following this, the member of the housing society undergoing redevelopment is expected to pay only Rs 100 as stamp duty, while the principal agreement between the development and the housing society will be charged as per the conveyance.The state government's decision and ongoing buoyancy in the property has been playing a key role in pushing the redevelopment of many old and dilapidated housing societies across key cities in the state.
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