Shares of Kalpataru Limited surged more than 8% after the company announced that it has signed a redevelopment agreement for Shree Mahalakshmi CHS in Andheri West. The project is located near Veera Desai Road, one of the prime residential and commercial pockets in the western suburbs of Mumbai.
According to the company, the redevelopment project spans around 3 acres of prime land and has a total potential carpet area of nearly 0.4 million square feet. The development carries an estimated Gross Development Value (GDV) of approximately ₹1,400 crore, making it a significant addition to the company’s redevelopment portfolio.
The project is strategically located in Andheri West, a well-established micro-market known for strong residential demand and proximity to key business hubs. The area offers excellent connectivity through major roads and public transport networks, while also benefiting from developed social infrastructure such as reputed educational institutions, healthcare facilities, shopping centres, and entertainment hubs.
Kalpataru stated that the redevelopment will be a fully residential project designed to meet modern urban living standards. The development will feature thoughtfully planned homes with contemporary design, sustainability features, and modern amenities aimed at enhancing lifestyle and connectivity for residents.
The project is expected to further strengthen Kalpataru’s development pipeline across the Mumbai Metropolitan Region (MMR). The company has been actively focusing on redevelopment opportunities in the region, where ageing housing societies and strong demand for upgraded residential spaces continue to create growth opportunities for developers.