K Raheja to develop 2.5 acre land parcel in Mumbai
Real estate developer K Raheja Corp has signed a pact to develop a 2.5-acre land parcel in Mumbai’s Worli into a luxury residential project with a revenue potential of more than Rs 2,000 crore. The developer’s residential platform and the landlord have finalized a revenue share structure for the proposed joint development, wherein K Raheja Corp will get a 57% revenue share. In comparison, the balance of 43% will go to the landlord.
As per the agreement, the developer will be responsible for all planning, design, approvals, execution, branding, and sales efforts. The pact stipulates that K Raheja Corp is expected to complete the project within 5 years.
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