MUMBAI: Real Estate developer Avighna Group is in progressive talks with HBS Realtors to come to an agreement to collectively develop Rs 1,800 crore residential venture in Mumbai’s Worli location. The project is to be dispersed over 3.4 acre land along Dr. Annie Besant Road in Worli is predicted to have total advancement potential of 0.72 million sq. ft.
As part of the proposed scheme, Avighna Group is likely to take care of entire execution and marketing of the project, while HBS Realtors will bring in the land parcel. Avighna Group is also to venture its part of investment into this project through inner accumulation and sales assortments. The company recently sold apartments worth Rs 350 crore at its venture Avighna Estates, including One Avighna Park and Avighna 9, near ITC Grand Central Hotel in Mumbai’s Lower Parel area.
Besides from premium residential expansion, the project in Worli is likely to additionally involve few retail and commercial component. Moreover, both the companies are yet to take a stand on proportion of these improvements.
Nishant Agarwal, Managing Director, Avighna Group stated that, “We will be responsible for the entire project once the agreement is entered into. The agreement will be based on the area share being discussed, but we haven’t finalized it yet.”
The exchange will be one of the greatest in South Mumbai in recent years as the market has been drowsy till a couple of months prior for luxury contributions in this micro-market. As indicated by market observers, the situation is improving and this could be an articulation point.
“It’s the most ideal time for financially well placed developers to seek extension in south Mumbai, as a few rewarding open doors exist. The extravagance residential market here has failed to meet expectations in the course of recent years, yet now is by all accounts awakening from its sleep. Well delivered and on-time ventures have performed superior than the market average,” said Ram Naik, executive director, Guardians Real Estate Advisory.
Prior, engineers preferred to venture in the production of a land bank and looked for minimal effort land distributes in upcoming regions for later development. With the emerging operational environment under the RERA and GST systems, developers have been relooking at their plans of action.