PNN
Mumbai (Maharashtra) [India], July 21: Veena Developers, a leading real estate developer in Mumbai, has entered into an agreement to redevelop a housing society in Mumbai’s Lokhandwala into a luxury complex. The project will be executed on a plot owned by Oshiwara Vishaka CHSL, presenting a remarkable revenue potential of approximately INR 550 to 600 crore for the company. According to official registry data, the developer has already executed the development agreement by paying a stamp duty of INR.4.07 crore. It is also estimated that the redevelopment will lead to a construction potential of approximately 4 lakhs Sq Ft.
While speaking on the development, Nikunj Sanghvi, the Managing Director of Veena Developers, emphasized the significance of brownfield projects in a city like Mumbai, where land scarcity and soaring prices pose significant challenges. He stated, "Amidst the daily influx of around 200 people into Mumbai, brownfield projects become the most viable option to accommodate the rising demand for housing. In MMR alone, more than 50,000 buildings are currently dilapidated, and astonishingly, half of them are located in the heart of the financial capital and its surrounding areas."
Given the scale and complexity of the redevelopment, Nikunj stressed the importance of selecting a developer with vast experience and expertise in such projects. With an illustrious legacy of 34 years marked by delivering quality and excellence, Veena Developers has formed a dedicated arm for society redevelopment, promising to cater to the aspirations of every member of the dwellings. Furthermore, the company has set a target of developing 5 million square feet through various redevelopment initiatives, encompassing Housing Society, SRA, and MHADA projects, over the next 5 years.
The much-anticipated project, slated for launch in the current financial year, enjoys a prime location in the well-developed Lokhandwala area. With its advantageous position directly overlooking the linking road and being a mere 2-minute walk from Oshiwara Metro Station, the complex will offer excellent connectivity to corporate hubs and recreational centres. Proximity to esteemed educational institutions, healthcare facilities, and the popular Infinity Mall within a 1 km radius further enhances the project's appeal.
This venture marks Veena Developers' entrance into Lokhandwala after a series of successful developments, including Gated Communities, Commercial Complexes, Malls, and Townships across various locations in the Mumbai Metropolitan Region. With a projected turnaround time of just 3 years, the company's commitment to timely and efficient project execution remains unwavering.
Veena Developers is a leading real estate brand with an impeccable track record of delivering quality projects. Boasting over 7 million sq. ft. of completed and ongoing residential, commercial, and retail developments, the Group has earned the trust of numerous satisfied customers. Its diverse portfolio, comprising 12 million development prospects, includes projects in prime locations across MMR, highlighting the brand's unwavering commitment to excellence and customer satisfaction.
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