In an exchange filing on Monday, May 25, the company said that the redevelopment project comprises five adjacent societies in Ashok Nagar, Kandivali East, and spans around 2.8 acres of land.
The Mumbai-based developer added that the project has a free sale potential of approximately 0.37 million square feet of carpet area.
Also read: IRFC forays into urban infra financing with a ₹13,527 crore Hyderabad Metro deal
The development is planned as a residential project with high-street retail, strategically located in a well-developed micro-market with connectivity to major road networks and metro lines.
Managing Director Parag Munot said, “At Kalpataru, we view redevelopment as a transformative journey that breathes new life into existing communities.”
He added that the project is envisioned as a future-ready neighbourhood with green spaces, modern amenities and strong social infrastructure connectivity.
Also read: Park Medi shares jump 8% on ₹177 crore Uttarkhand hospital acquisition
The company said the latest redevelopment project further strengthens its presence in Kandivali East, where it has already delivered six residential developments.
The announcement comes after Kalpataru had earlier announced a ₹1,400 crore redevelopment project in Andheri East in March this year.
Earlier this month, the infrastructure company reported a 14x rise in consolidated net profit for Q4FY26 to ₹200.5 crore from ₹14.1 crore in the same period last year. Its revenue grew 183.8% year-on-year to ₹1,693.7 crore from ₹596.9 crore in Q4FY25. EBITDA stood at ₹217.4 crore during the March quarter, compared with an EBITDA loss of ₹19.7 crore in the same period last year.
Following the Q4 results, the company’s Director, Amit Uplenchwar, said that it expects around 15% revenue growth in FY27 as it expands into overseas infrastructure opportunities and new EPC segments.
Shares of Kalpataru Ltd. are trading 0.7% higher on Monday at ₹336. The stock is down 3% so far this year but has declined 22% over the last 12 months.
