The Mumbai real estate market is buzzing with major developments and investments. Here are three significant stories shaping the city’s real estate landscape:
Dosti Realty’s Foray into Redevelopment Projects
Dosti Realty, a prominent player in the Mumbai real estate sector, has announced its entry into redevelopment projects with an ambitious plan. The company is set to invest over Rs 1,000 crore in the next two to three years to address Mumbai’s growing accommodation shortage.
For its inaugural project, Dosti Realty has secured the rights to redevelop a housing society spanning 2.5 acres in Thane’s Louis Wadi area. This marks a significant shift from Dosti Realty’s previous focus on greenfield large township projects. The company is actively exploring prime society redevelopment opportunities across the Mumbai Metropolitan Region.
The first redevelopment project, slated to begin next year, will encompass over 6.5 lakh sq ft of built-up area. Dosti Realty plans to fund these redevelopment projects through internal accruals, customer advances, and sales proceeds, ensuring financial stability throughout the project lifecycle. The Thane project alone is expected to generate around Rs 500 crore in revenue and be completed by the end of 2027.
The Maharashtra government’s recent decision to reduce stamp duty for housing society members undergoing redevelopment has further bolstered the attractiveness of such projects.
Prestige Group’s Growth Prospects and Residential Projects
The Prestige Group, headquartered in Bengaluru, plans to launch six residential projects, including two joint ventures, across Bengaluru, Mumbai, Chennai, and Noida. These projects will collectively span 12 million square feet and are expected to generate Rs 20,000 crore in sales revenue upon completion in the next three years.
The company is strategically expanding its presence in Pune, Mumbai, and the National Capital Region. Despite the robust market conditions, Prestige Group maintains a low unsold inventory level, with significant projects in the pipeline for the coming years.
MMRDA’s Slum Redevelopment for Eastern Freeway Extension
The Mumbai Metropolitan Region Development Authority (MMRDA) is embarking on a unique slum redevelopment project to extend the Eastern Freeway to Thane. The 75-acre Ramabai Ambedkar Nagar slum, located off the Eastern Express Highway in Ghatkopar, will undergo a transformation.
This marks MMRDA’s first venture into slum redevelopment, a move that will allow the authority to acquire the required land for the freeway extension. The project aims to rehabilitate 16,575 slum dwellers and provide 5,000 additional tenements for project-affected people.
The estimated earnings from the sale of residential tenements in this project are substantial. While MMRDA estimates Rs 1,073 crore in revenue from the sale component, it could potentially earn Rs 2,918 crore if the sale component is handed over to a private developer.
This redevelopment project is part of MMRDA’s broader efforts to secure funds for various infrastructure projects, including 10 Metro corridors and other critical developments, with a total estimated expenditure of Rs 28,705 crore in 2023-24.
