India, March 13 -- Mumbai-based listed developer Kalpataru Limited signed an agreement to redevelop a housing project on a three-acre land parcel in Andheri, with an estimated gross development value (GDV) of more than Rs.1,400 crore.

The company has secured redevelopment rights for Shree Mahalakshmi CHS, a housing society located off Veera Desai Road in Andheri West. According to a company statement, the project covers three acres and has a total development potential of about 0.4 million sq ft of carpet area.

The redevelopment is expected to include around 350 flats for sale. It will add to Kalpataru's project pipeline, as the company continues to focus on redevelopment opportunities across the Mumbai Metropolitan Region (MMR).

The n...