Satra Group, a real estate company founded in 2002, has announced an initial investment of Rs.1,000 crore towards developing real estate in Mumbai, a company release said.
Praful Satra, Chairman and Managing Director, Satra Group, said that the expansion plan for the next five years would include developing a total of 4 million sq. ft, delivering more than 1,000 residential units of residential and commercial space.
With the increasing demand for luxury housing in south and western Mumbai, the company has launched its ultra-luxurious residential project ‘Limited Edition 88’ near Bandra-Worli Sea Link involving an investment to the tune of Rs.250 crore.
‘LE88’ is a 26-storey edifice of excellence comprising 4-BHK apartments ranging from 382 sq. metres (4,116 sq. ft) to 405 sq. metres (4,364 sq. ft). It has the potential to generate revenue of about Rs.550 crore over a period of two-three years on consolidation basis.
The interiors of the project have been designed by HBA, Singapore, and sample flats conceptualised and designed by Gauri Khan. The project is being developed as a joint venture with Pyramid Developers.
“As a part of our strategy to expand and grow, we look forward to additional future opportunities with our other planned projects offering affordable residential flats in premium locations in Mumbai. We are expecting these projects to deliver revenue of about Rs.2,500 crore over a horizon period of four to six years on consolidation basis,” Praful Satra said.
“In the upcoming years, our focus is on maximising the wealth of our shareholders, reduce finance costs, enhance employee productivity and increase innovation,” he added.