According to sources, L&T Metro Rail will be leasing 15 acres of land at Raidurg to Rafferty Developments, a joint venture between Brookfield Corporation and K Raheja Corp Ltd, for 50 years for a consideration of over 1,200 crore.
The Mumbai bench of the National Company Law Tribunal (NCLT) has approved the demerger of K Raheja Group’s subsidiary K Raheja Corporate Services following the realty conglomerate’s application in order to access the capital markets through a listing of the same.
K Raheja Corp has paid stamp duty of Rs 7.80 crore for the registration of the deal that took place on June 16. Following the execution of the transaction, the developer has paid Rs 105 crore to the erstwhile landowner.
The mall will become operational in three years, said a press release shared by the state government.
As per the revenue-share agreement, K Raheja Corp Homes will develop and handover 24.5% of the built-up space to landowner Cinevista, while retaining 75.5% of the developed space.
The FSI rights are for the development of the free-sale component of a slum rehabilitation project in Wadala’s Shanti Nagar. The slum rehabilitation part of the project including the new tenements has been completed and has already received its Occupation Certificate (OC).
The project will be developed through an agreement for sale of the plot currently owned by Modern India that has business interest spanning across infrastructure, power generation and real estate.
The financial major will be paying a lease of over Rs 340 crores throughout the lease term for a total 86,200 sq ft office space on 39th and 40th floor of the upcoming tower Altimus being developed by K Raheja Corp.
The company's offices in Hyderabad are likely to be part of this consolidation plan. The new office is expected to accommodate over 17,000 employees, including its existing staff in Hyderabad that is expected to shift here and new joinees.
These companies have leased the space for a five-year tenure from Chalet Hotels, a K Raheja Corp company. The occupiers will be paying rentals worth around Rs 28 crore during the total term of the lease.
An additional 0.4-acre land parcel adjoining this plot will also be acquired by the developer through a separate transaction later, as per the terms agreed upon between both the parties.
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