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Realtor Labdhi to take over Rajesh LifeSpaces' project near Mumbai's BKC

Economic Times  

Realty developer Labdhi Lifestyle has acquired a stressed project of Rajesh LifeSpaces near Mumbai's business district Bandra-Kurla Complex (BKC) through a quadripartite agreement between both the developers and the project's financiers Mirae Asset and JM Financial. The new developer will now be responsible for the execution of the mixed-use project led by premium residential development. Labdhi Lifestyle will be investing over INR 200 crore to develop the project including repayment of debt raised from both lenders. The project is spread over a 1.25-acre land parcel with a total development potential of 2 lakh sq ft carpet area across residential, commercial, and retail spaces. It is estimated to have revenue potential of INR 600 crore. Rajesh LifeSpaces started development in 2016, however, financial difficulties led to a delay in execution.