MUMBAI:
Nine years after it was stalled, the redevelopment of five acres of prime property at MIG Colony at Bandra is all set to take off with the construction of a 29-storey structure touted to be the tallest in the area.
The project is significant as DB Realty, during its heyday in 2010, had acquired the project from the Bombay Dyeing-Larsen & Toubro consortium. Residents who had appointed the Bombay Dyeing-L&T consortium in 2006 even fought a legal battle till DB entered the scene in 2010 and bought the project. The project faced a setback later when DB directors Shahid Balwa and Vinod Goenka were arrested in 2011 in the 2G spectrum scam.
DB is said to have spent around Rs340 crore on the project till date.
Under the project, 19 old buildings, housing 176 families, will be demolished to make way for the construction of skyscrapers in MIG-1 which forms part of Gandhi Nagar.
NM Gattu, chief financial officer, DB Realty, said this would be a landmark project. “It will have the tallest building in the area and will have all modern amenities,” said Gattu. He said a soft launch would happen soon, while a formal launch would happen in October 14 this year.
The MIG Bandra Realtors & Builders Private Limited, which is a subsidiary of DB Realty Limited, would be carrying out the revamp work.
The area, which i s near Matoshree where the Thackeray family lives, has seen a spurt in construction activity in recent times.
Well known developers like Rustomjee, Kalpataru and Happy Homes have all launched their projects here.
The realty rates in this area range from Rs40,000-Rs45,000 per square foot on carpet area.
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