The Shivshahi society redevelopment project involves 192 tenements spread over 3.3 acres opposite the GlaxoSmithKline Pharmaceuticals property on Dr Annie Besant Road in central Mumbai.
Realty developer Prestige Estates Projects has entered into an agreement to execute an over 1 million sq ft housing society redevelopment project with nearly Rs 6,000 crore revenue potential in Mumbai’s plush Worli locality.
The Shivshahi society redevelopment project involves 192 tenements spread over 3.3 acres opposite the GlaxoSmithKline Pharmaceuticals property on Dr Annie Besant Road in central Mumbai.
The redevelopment project has been stuck for more than a decade as the earlier developers could not execute the project due to several reasons including disagreements with the society members.
Prestige Estates has repaid a loan worth Rs 170 crore raised by the earlier developer against the developement potential of the housing society and will be making an investment of over Rs. 578 crore towards construction to society members and premium towards availing fungible floor space index (FSI).