Raheja Group Forms Joint Venture to Build 3 Acre Raheja Modern Vivarea in Mahalaxmi, South Mumbai

Raheja Modern Vivarea - Mahalaxmi, South Mumbai

K Raheja Corp Homes, the development arm of real estate developer K Raheja, has signed into a deal to create a 1 million-square-foot luxury home complex on a 3-acre premium plot in the Mahalaxmi neighbourhood of South Mumbai.

The project will be created via an agreement for the sale of land now held by Modern India, a firm supported by the Jatia family, which will get a portion of the sales proceeds as payment for the sale of this property.

According to the terms of the deal, K Raheja Corp Homes will be responsible for the design, approvals, construction, and sales of the project comprising two super-structure towers in South Mumbai, which is a development hotspot and a favoured location for corporations and business houses.

Ramesh Ranganathan, chief executive officer of K Raheja Corp Homes, said that the new project, Raheja Modern Vivarea, would fulfil the company's business plan of expanding its footprint in the SOBO micromarket.

The block of land is close to Raheja Vivarea, an upscale residential development also created by K Raheja Corp Homes in the past. The project, renowned as the residential centre for corporate honchos and CXOs, is situated over 14 acres and includes five towers of which the fifth one is nearing completion.