Strained BKC Project of Rajesh Lifespaces Has Been Obtained by Labdhi Lifestyle

Labdhi Lifestyle Acquires BKC Project of Rajesh Lifespaces

Labdhi Lifestyle has bought a troubled project of Rajesh LifeSpaces in Bandra-Kurla Complex (BKC) in Mumbai through a quadripartite arrangement with both developers and the project's backers, Mirae Asset and JM Financial.

With this purchase, Labdhi will be the primary developer of the project now known as "Labdhi Searene," which will be a 1.25-acre mixed-use site dominated by a luxury residential building. The project has the potential to produce two million square feet of residential, commercial, and retail space.

Labdhi Lifestyle would spend in excess of Rs 200 crore for project development and debt repayment to both lenders. It is anticipated that the project would be finished in two years and have a revenue potential of Rs 600 crore.

The development is a component of a slum redevelopment project, of which Rajesh LifeSpaces has finished the rehabilitation phase.

The developer is constructing a comparable building on three-quarters of an acre in the Wadala neighbourhood of downtown Mumbai, with 85 percent of the construction finished and delivery anticipated by the end of 2023.