Share price of real-estate firm Kalpataru rose by over 2% as the firm announced the signing of a redevelopment project in Mumbai. The company, in its exchange filing, said that the project has an estimated gross development value of around Rs 1,250 crore.
Kalpataru: Residential project – Key details
The residential project is located in Ashok Nagar, Kandivali East, Mumbai, and comprises five societies adjacent to each other. It spans around 2.8 acres of land and has a free sale potential of around 0.37 million square feet (msf) carpet area.
The estimated gross development value of the project is around Rs 1,250 crore, Kalpataru said in its exchange filing. The company’s managing director, Parag Munot, added that the project would offer residents stellar connectivity to road and metro lines, noting that it is a high-street retail project.
“This cluster redevelopment, envisaged as a residential development with high-street retail, is strategically positioned within a thriving micro-market, offering residents excellent connectivity to major road networks and metro lines. The project’s appeal is further bolstered by its proximity to a robust social infrastructure, including premier educational institutions, leading healthcare centres, and vibrant retail and business hubs,” said Munot.
In March, the firm had bagged a residential redevelopment project worth Rs 1,400 crore, located in Andheri West.
Kalpataru: Share Price
In Monday’s intraday trade, Kalpataru’s share price was trending flat. Over the past one month, the company’s stock has delivered a return of more than 2%, while over the past six months, it has declined by 6%. So far this year, the stock has fallen by over 3%.
About the company
Kalpataru is a real-estate development firm headquartered in Mumbai, Maharashtra. The company’s core business segments include residential developments, corporate complexes, retail properties, and urban redevelopment projects.