Now Reading: Birla Estates arm buys Mumbai FSI for Rs 159 crore
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Birla Estates arm buys Mumbai FSI for Rs 159 crore
Birla Estates's wholly owned subsidiary Unnatam Properties has bought nearly 90,000 sq ft of floor space index (FSI) from Parinee Real Estate Builders and Parinee Contour Construction for over Rs 159 crore.…
The Story in Brief
Birla Estates's wholly owned subsidiary Unnatam Properties has bought nearly 90,000 sq ft of floor space index (FSI) from Parinee Real Estate Builders and Parinee Contour Construction for over Rs 159 crore. The FSI was generated through a Slum Rehabilitation Authority (SRA) scheme on land in Kandivali, a western suburb of Mumbai. The transaction, registered this week, attracted stamp duty of Rs 4.77 crore, according to documents accessed by realty data platform CRE Matrix.
The development rights will not be used in Kandivali but will be transferred to a larger property in Khar (West), where Unnatam Properties is redeveloping two old housing societies. Birla Estates CEO K. T. Jithendran said the acquisition strengthens the firm's society redevelopment project in Khar and reflects its focus on strategic FSI buys. The Rs 159 crore consideration works out to about Rs 1.95 lakh per sq metre of FSI.
The Indian Opinion
This deal is another example of Mumbai's redevelopment game, where FSI from slum rehabilitation schemes becomes a traded commodity. The narrative often paints such transactions as a win-win for all, but the question remains: how much of the benefit actually reaches the original slum dwellers? Watch for how the transferred FSI affects the Khar project's final affordable housing allocation. The stamp duty of Rs 4.77 crore on this single transfer reminds us that the state collects a tidy sum while the city's land prices keep climbing.
Source: realty.economictimes.indiatimes.com
This story was synthesised by AI from the source linked above.
