- Prime development across a 1 Lakh sq ft land bank
- Aiming for Silver category certification from the Indian Green Building Council
MUMBAI: Dosti Realty, known for innovating and pushing its benchmarks has embarked on its first ground-breaking large-scale society redevelopment project in Thane. Strategically situated in the city’s vibrant heart just off the highway this redevelopment with a BUA of 6 – 6.5 Lakh sq. ft, is poised to redefine the urban fabric of Thane.
Targeting a revenue of Rs 430 CR this project will be including various components such as rehab, sale, podium, and basements. The project which is set to be launched in FY 2024-25 will have an estimated completion of end 2027.
Dosti Realty has always been known for taking up large-scale Greenfield developments in Thane the most recent ones being Dosti West County (105 acres approx.) and Dosti Greater Thane (125 acres approx.). This would be the group’s first redevelopment project in this micro market. Being a prime location, given the demand and tenacity of the surrounding micro market Dosti Realty’s vision for the project is creating a premium product with a high net to developer realization keeping in mind the competition offerings.
Commenting on the project, Deepak Goradia, Chairman and Managing Director said, “Dosti Realty has secured redevelopment rights for a project in Thane spread over a 1 Lakh sq ft land parcel with a potential gross development value of Rs 430 Cr. The land parcel has a cumulative estimated development potential of 3.10 Lakh sq ft carpet area with 2.10 Lakh sq ft carpet area available for sale. Ongoing projects of Dosti Realty comprise around 21 mn.sq ft. across the Mumbai Metropolitan Region and Pune. Up till now, Dosti Realty was focused on Greenfield’s large township projects, with our first Society redevelopment project in the heart of Thane. The new development will feature luxurious modern homes with lifestyle amenities driven by our focus on new technologies, and green engineering to make a landmark for the residents. The acquisition of the redevelopment of this society is a part of the growth strategy of the company and to expand its development portfolio by foraying into the redevelopment space on a larger scale. Dosti Realty is aggressively looking at prime society redevelopment across MMR”
Demonstrating an unwavering commitment to environmental responsibility, the project is planning on securing certification in the silver category from the Indian Green Building Council. This certification underscores Dosti Realty’s steadfast dedication to integrating state-of-the-art features that seamlessly align with industry standards, ensuring a design that is both sustainable and energy-efficient.
Dosti Realty’s investment in the project primarily focuses on tenant resettlement, construction, and necessary approvals, with additional funds sourced from sales and customer accruals, a strategic approach ensuring financial stability throughout the project. To ensure the highest quality in aesthetics and functionality, top landscape and structural consultants have been engaged in this exciting redevelopment venture. With this project, Dosti Realty reaffirms its reputation for quality and creativity, poised to make a lasting impact on the real estate landscape through redevelopment projects.
The company clocked sales of 2000 + units in FY 2022-23 while for the current financial year 2023-24 till Oct, the company has already sold over 3000 units in just 7 months. Pushing its benchmarks each year, Dosti Realty is planning to launch 2 new projects in the current financial year and 4 new projects in the next financial year FY 2024-25. Dosti Realty’s vision includes setting a pioneering industry benchmark and leveraging the strength of its esteemed brand reputation.
