MUMBAI: In a real estate market where project delays have become almost institutionalised –  with ANAROCK data indicating that over 40% of under-construction housing inventory in MMR has faced timeline overruns – Ashar Group has done something rare: it has delivered early. Twice.

The Mumbai Metropolitan Region-based developer has secured Occupation Certificates (OCs) for two of its premium redevelopment projects – Ashar Arize in Kalwa, Thane, and The Legend by Ashar in Pali Hill, Bandra – both 20 months ahead of their registered RERA deadlines. Together, the two projects account for the delivery of over 1,200 homes to residents, marking one of the most significant early-delivery milestones in MMR’s recent redevelopment history.

“We entered this business in 2001 with one conviction: that in real estate, your word is your most valuable asset. OC is where that word is finally tested. Delivering two projects 20 months ahead of RERA is the compounding result of a lot of focus, hard work, and integrity – from the day we signed the DA to the day of possession,” says Ajay Ashar, Chairman & Managing Director, Ashar Group.

Ashar Arize | Kalwa, Thane Launched in April 2022 with RERA-registered completion of 2027, Ashar Arize is a 4-acre complex of 40-storey premium residential towers offering 1 and 2 BHK homes. Among the few branded developments in this fast-emerging corridor, the project integrates approximately 20,000 sq. ft. of high-street retail – anchored by national brands including Lenskart and Clove Dental, along with a full-spectrum amenity offering: infinity pool, gymnasium, clubhouse, sports courts, children’s play areas, and elevated sky amenities. 

The Legend by Ashar | Pali Hill, Bandra One of Mumbai’s most anticipated luxury offerings, The Legend by Ashar is positioned at the ultra-luxury end where land scarcity and legal dynamics make redevelopment a formidable undertaking. Securing an OC 20 months ahead of schedule in Bandra underscores execution capability in one of India’s most demanding real estate environments.

“What separates greenfield projects from redevelopment is the unglamorous discipline of approvals, consent management, construction sequencing, and cash flow management. Delivering ahead of schedule, across Bandra and Kalwa, in the same cycle requires a systematic organizational approach. We have built that system deliberately and we are excited to expand our redevelopment portfolio across MMR,” says Ayushi Ashar, Director, Ashar Group.

Redevelopment is widely considered the most complex and execution-intensive segment in Indian real estate. Unlike greenfield projects, redevelopment involves the delicate intersection of existing occupants, legacy title structures, consent mechanics, municipal approvals, and construction in live urban environments. Across MMR, redevelopment projects account for an estimated 60–65% of all new housing supply in the island city and older suburbs – yet they also carry a disproportionate share of delivery risk.

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The acquisition represents the transition of one of Madurai’s most distinguished legacy properties into a thoughtfully planned modern residential and commercial plotted community, while retaining its deep-rooted association with the city’s industrial and economic evolution.

As part of the acquisition, G Square Group has announced the name of the project as G Square Temple View Square (TVS), a premium plotted development in Periyar, Madurai, with the project name reflecting the historical association of the land with Mr. T. V. Sundaram Iyengar and the TVS legacy.  Located close to the Periyar Bus Stand, the project enjoys excellent urban connectivity while being situated near the iconic Meenakshi Amman Temple, one of the city’s most revered landmarks.

Speaking on the acquisition and the project, Bala Ramajayam, Founder and Managing Director of G Square Group, said, “This acquisition holds deep personal and professional significance for me. My very first commercial land deal was with the TVS Company in 2011, and to now be entrusted with a property of such historical importance, one that was part of T. V. Sundaram Iyengar’s original landholdings in Madurai, is both humbling and a testament to the trust and enduring relationship we’ve built over the years. It reflects TVS Group’s confidence in G Square’s ability to handle legacy assets with responsibility and vision. G Square Temple View Square represents our commitment to making home ownership accessible and meaningful for Madurai’s growing middle class. Plotted development is often the first gateway for families to invest in their dream home, offering flexibility and long-term value. This project is especially significant because it transitions a century-old legacy landholding into a modern residential and commercial plotted community while preserving its deep cultural context and connection to Madurai’s industrial heritage. Our focus has been to honour this history while creating lasting value for homebuyers and the city alike.”

The overall land parcel, worth Rs. 300 crore, spans 5 acres, of which 1.63 acres is earmarked for residential development and 2 acres for commercial use, with the balance allocated for infrastructure and common amenities. The project comprises 55 plots in total, including 50 residential plots and 5 commercial plots, catering to both end-users and long-term investors.  Residential plots are priced from ₹15,990 per sq. ft. onwards, translating to ₹69.64 lakh onwards per cent, while commercial plots are offered from ₹25,990 per sq. ft. onwards, with pricing starting at ₹1.13 crore onwards per cent.

The project’s strategic location near the Periyar Bus Stand offers easy access to leading educational institutions, premier colleges, and key healthcare facilities.

G Square Group follows a strict no-cash policy, ensures clear documentation, and maintains 100% transparency across every transaction. The company offers plots within city limits at prices below prevailing market value, making land ownership accessible and secure for homebuyers. Through G Square Build Assist, G Square also provides comprehensive post-purchase construction guidance, supporting customers at every stage from Patta to Gruhapravesam and ensuring a smooth, hassle-free journey from plot acquisition to building and occupying a dream home.

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The projects will be developed through two Special Purpose Vehicles (SPVs) owned and controlled by Birla Estates. IFC’s investment will be made into these SPVs, which will serve as the development platform for both projects. Under the structure, Birla Estates will hold a 56% economic interest, whereas IFC will hold a 44% economic interest in the SPVs.

K. T. Jithendran, MD & CEO of Birla Estates, said, “We are proud to welcome IFC as a valuable investor in our mission to reshape urban living through sustainable and high-quality real estate development. This investment validates our development philosophy and strengthens our ability to scale responsibly. With IFC’s global expertise in sustainable investments and our deep-rooted market insights, we aim to set new benchmarks in Indian real estate.”

Imad N. Fakhoury, Regional Director for South Asia, IFC, said, “Housing is a powerful driver of jobs, resilience, economic growth—and a key priority for IFC. Our partnership with Birla Estates will bridge the gap in India’s housing sector by expanding availability of and access to sustainable, high-quality housing for the country’s growing population, with a focus on first-time homeowners. The investment will create jobs, support inclusive urban development aligned with India’s net-zero ambitions, and deepen private sector participation in this critical sector.”

Birla Estates continues to expand its presence in India’s most sought-after real estate markets. In the last quarter of FY25, the company launched 5 projects across its key markets of NCR, Bengaluru, and forayed into the Pune market, recording its biggest quarter sales.

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Medikids secured first place for its innovative waqf initiative, addressing waqf management challenges in Indonesia. The initiative leverages dental clinics for children and families to generate sustainable funding. Established in 2018, Medikids achieved financial stability within three years and launched a scholarship program for healthcare professionals in its second year. A portion of its net profit waqf is dedicated to enhancing waqf assets and various social welfare initiatives.

The selection committee has decided to withhold the second-place award.

The third-place prize was awarded to the Blue Filter initiative, which created a prototype to purify water by removing harmful pollutants like nitrates, chloride, and heavy metals. This technology combines natural filtration techniques with advanced automation and control systems, resulting in a solution that is both sustainable and highly effective. It also features real-time monitoring and loss management systems to ensure optimal performance and minimize water waste.

The prizes will be presented at the IsDB Group Annual Meetings, scheduled for 19-22 May 2025, in Algiers, Algeria.

IsDB Group Chairman HE Dr. Muhammad Al Jasser congratulated the winners, praised their contributions to Islamic economics, and wished them continued success. “The IsDB Prize serves as a key driver of strategic significance, promoting the transformation of knowledge and principles of Islamic economics into actionable initiatives and innovative projects aimed at fostering comprehensive economic development,” stated Dr. Al Jasser.

The winners were chosen by the IsDB Prize Selection Committee, which comprises eminent experts and scholars, coordinated by the IsDB Institute.

Excerpts from the IsDB Prize Selection Committee Citations:

Medikids Clinic

• It serves the important role of civil society waqf in supporting the mission of a combined health sector and education sector, serving the underprivileged component of society.
• The waqf-based model is considered sustainable due to its appropriate earning incentive framework, which is in harmony with the principles of Islamic economics.

Blue Filter

• It provides a potential solution for IsDB member countries while aligning with the strategic goals of the IsDB, especially concerning food and water security.
• The model emphasizing blue and bio elements has rendered it more appealing than alternative solutions that are generally contaminated with chemicals.

Established in 1988 as the ‘IsDB Prize in Islamic Economics, Banking, and Finance,’ the prize expanded in 2020 to recognize achievements in two categories, offered alternately: (i) Development Achievement and (ii) Knowledge Contribution. The 1446H (2025) Prize cycle focuses on Development Achievement, highlighting successful projects addressing development challenges in IsDB member countries and Muslim communities worldwide.

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PUNE: Furthering its strategic focus on building long-term, high-impact partnerships, Suzlon has just consolidated its largest partnership with NTPC Green Energy Ltd. (NGEL) to 1,544 MW, with a recent award win of a 378 MW wind energy project. This win strengthens Suzlon’s undisputed market leadership and commitment to sustainable, large-scale growth.

As part of this contract, Suzlon will supply 120 S144 Wind Turbine Generators (WTG) with Hybrid Lattice Towers (HLT), each with a rated capacity of 3.15 MW, and also undertake foundation, erection, and commissioning for the project, and will provide maintenance and services.

Girish Tanti, Vice Chairman, Suzlon Group, said, “We are honored to be a strategic partner in NTPC’s ambitious vision to accelerate India’s clean energy transition. As NGEL aims to expand its renewable energy portfolio to 60 GW by 2032, this partnership lays a crucial foundation for showcasing the key role of wind in powering India’s largest PSUs’ renewable journey by providing high-quality, affordable power. From our first project in Gujarat to expanding into Karnataka, our shared commitment to advancing India’s leadership in the global clean energy movement continues.”

JP Chalasani, Chief Executive Officer, Suzlon Group, said, “Securing major and high-quality projects in the PSU sector is a key part of our growth strategy, and our order with NGEL highlights the success of this approach. It shows our ability to deliver reliable solutions while supporting India’s clean energy goals. This partnership strengthens our role as a trusted partner in India’s renewable energy journey.”

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MUMBAI: Vascon Engineers Ltd. (VASCONEQ), one of the leading EPC and Realty players with a legacy spanning nearly four decades, marks its entry into the Mumbai market with the launch of ‘Vascon Orchids’, a luxury residential project through a redevelopment initiative on Linking Road in Santacruz West. With a 39-year legacy, Vascon has successfully delivered 225+ projects across 30+ cities and 45+ million sq.ft. real estate projects.

The project has a total expected Gross Development Value (GDV) of INR 300 crore of our sell units. Strategically located in the heart of vibrant Linking Road, Santacruz West, this acquisition aligns with the company’s growth and diversification goals of expanding its presence in Mumbai.

Commenting on this announcement, Siddharth Vasudevan Moorthy, Managing Director, Vascon Engineers Ltd., said, “Mumbai’s redevelopment landscape presents an extraordinary opportunity, driven by the urgent need to modernize aging infrastructure and revitalize its housing stock. With an estimated market valued at over Rs 30,000 crore, the redevelopment market offers immense potential for transformative growth. Mumbai aligns seamlessly with our vision of delivering premium, high-quality living spaces tailored for modern urban lifestyles. Backed by our expertise in both EPC and real estate development, a customer-first approach, and an unwavering commitment to excellence, we are poised to redefine luxury living. Vascon Orchids is set to be a landmark project, marking our strong entry into Mumbai and contributing meaningfully to its ever-evolving skyline.”

Vascon chose Linking Road not just for its reputation but for its untapped potential. Despite being Mumbai’s premier high street, Santacruz West lacked a luxury residence that reflected its prestige. Vascon Orchids fills that gap, offering an unparalleled living experience for those who seek the extraordinary. With a relatively larger land parcel—a rarity in this location—this development introduces an upgraded lifestyle, setting a new benchmark in luxury living. More than just a residential offering, Vascon Orchids represents the arrival of a landmark that redefines upscale living on Linking Road.

Located in a prime location of Shastri Nagar, Santacruz West, and centered around the theme ‘high-street living’ Vascon Orchids will comprise three wings featuring 2 & 3 BHK homes offering 62 sellable units. The project delivers a blend of luxury, comfort, and convenience in one of Mumbai’s most sought-after neighborhoods. Moreover, residents will have access to a meticulously curated selection of rooftop and ground-level amenities, including Bocce Ball, Cornhole, a fully equipped gymnasium, and much more—ensuring that everything they desire is already within reach.

Ensuring seamless connectivity, the project is positioned near the upcoming metro station on SV Road and the Coastal Road Connector, set to land less than 500 meters away—enhancing accessibility to key business hubs and lifestyle destinations across Mumbai.

Santacruz West is an upscale neighborhood in western Mumbai. Its proximity to the international airport and key business districts makes it a hub of activity and growth. The area boasts excellent connectivity via SV Road, the Western Line, the Western Express Highway, and the Bandra-Worli Sea Link, ensuring seamless access to the rest of Mumbai. Additionally, Santacruz West is home to some of India’s top educational institutions, vibrant shopping centers, and a wide range of dining and entertainment options, making it one of the most desirable residential destinations in the city.

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The technology for these projects will utilize lithium iron phosphate (LFP) based liquid-cooled containerized BESS solution. This project will be executed as a Lump Sum Turnkey Project agreement, consolidating the solar project as a single Battery Storage. WRTL marks its major milestone in becoming an integrated EPC company.

Viren Doshi, Director of Waaree Renewable Technologies Limited stated, “The said project is expected to significantly enhance the efficiency and reliability of renewable energy in Gujarat. By integrating these systems, we aim to provide a robust infrastructure that supports the growing demand for sustainable energy. We are pleased to receive this repeat order, which demonstrates our customers’ trust in our ability to deliver and highlights our disciplined approach to achieving results on time and within budget. This partnership supports our commitment to a sustainable future.”

Arvind Bansal, CEO, of Continuum Green Energy Limited, stated, “This collaboration marks a significant step towards integrating energy storage solutions in our wind-solar hybrid renewable projects for our industrial consumers. We are confident that Waaree Renewable Technologies’, execution excellence and commitment to on-time delivery, will help us achieve our shared vision of a greener tomorrow”.

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This project, underscores Bajel’s strategic entry into the rapidly growing data center market driven by India’s digital transformation, increasing demand for data storage and processing capabilities. Bajel will leverage its extensive expertise in Design, Engineering, Procurement, and Construction (EPC) to deliver critical power infrastructure solutions. The project will feature a combination of lattice towers & monopoles, conductors along other essential components like a GIS Substation, ensuring a reliable, efficient, and round-the-clock power supply.

Bajel is committed to completing this project within the stipulated timeframe. The project will be executed with strict adherence to quality and safety standards, further solidifying Bajel’s reputation for safety and operational excellence.

Rajesh Ganesh, MD and CEO of Bajel Projects said, “The exponential growth of data centers in India, fuelled by cloud adoption, e-commerce, digital services, and localization, presents a compelling opportunity for us. We’re strategically building capabilities in GIS and Monopoles to become a trusted partner for data center developers in their pursuit of reliable and sustainable power infrastructure.”

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The award ceremony was held at CREDAI Pune Metro’s Ramkumar Rathi Auditorium, Pune. The awards were presented by the Additional Labor Commissioner of Pune Division- Shailendra Pol. Hemgauri Bhandari- Chief Advisor of the Quality Council of India, Alok Jain- Director of the Training and Capacity Building Department of the Quality Council of India, Ranjit Naiknavare- President of CREDAI Pune Metro, JP Shroff- President of the Pride Best Facilities Competition and CREDAI Kushal, Arvind Jain- Vice President of CREDAI Pune Metro; Ashwin Trimal- Secretary and Sapna Rathi, Coordinator of the Labor Welfare Committee were also present on the occasion.

The ceremony also included the launch of the Standard Operating Procedure (SOP) booklet related to the competition. This year’s winners in various categories include VTP Realty (Project – VTP Alter), Rohan Builders (Project – Rohan Anand), Legacy Life Spaces (Project – The Statement), Vilas Javdekar Developers (Project – Yashwin Arbo Centro), VTP Realty (Project – VTP Euphoria), Rohan Builders (Project – Rohan Abhilasha), Pride Builders (Project – Pride World City), Malpani Estate (Project – M Aryabhatt).

Special category awards were presented to SJ Constructions (Project – AP 4) for the highest BOCW registration, Panchshil Realty (Project – Vantage Tower) for outstanding health services, B G Shirke Constructions (Project – PMC River Revival) for crèche facilities, Bhate and Raje Constructions (Project – Tower Dassault  System Solutions Lab) for skilling, Shubham EPC (Project – STT – DC 05) for innovation and Mangalam Landmarks (Project – Mangalam Destinations) for women worker welfare.

Shailendra Pol praised the efforts of CREDAI Pune Metro in providing comprehensive support to construction workers, including essential facilities, health services, skill training, and growth opportunities. He emphasized that CREDAI Pune Metro’s initiatives should serve as a model for other CREDAI chapters and organizations across the country.

Ranjit Naiknavare highlighted the importance of providing necessary facilities and training to construction workers, addressing the challenge of skill development in the industry. He reiterated CREDAI Pune Metro’s commitment to fostering excellence and awareness in the construction sector.

Hemgauri Bhandari and Alok Jain also commended CREDAI Pune Metro’s leadership in worker welfare, with Alok Jain noting the organization’s exceptional work, especially concerning female workers.

The awards were coordinated by Sapna Rathi, Milind Talathi, and Parag Patil. The event was hosted by Archana Badhera, and Milind Talathi extended the vote of thanks.

Detailed Information on the Pride Best Facilities Awards

Categories and Award Recipients:

Category – 21 to 100 Workers:

• VTP Realty (Project – VTP Alter) and Rohan Builders (Project – Rohan Anand) – Gold Award
• Legacy Life Spaces (Project – The Statement) – Silver Award 

Category – 101 to 300 Workers:

• Vilas Javdekar Developers (Project – Yashwin Arbo Centro) – Gold Award
• VTP Realty (Project – VTP Euphoria) – Silver Award

Category – More than 300 Workers:

• Rohan Builders (Project – Rohan Abhilasha 3) and Pride Builders (Project – Pride World City) – Gold Award
• Malpani Estate (Project – M Aryabhatt) – Silver Award

Special Category Awards:
• SJ Constructions (Project – AP 4) – Highest BOCW Registration
•  Panchshil Realty (Project – Vantage Tower) – Health Services

•  B G Shirke Constructions (Project – PMC River Revival) – Crèche Facilities•  Bhate and Raje Constructions (Project – Tower Dassault System Solutions Lab) – Skilling
•  Shubham EPC (Project – STT – DC 05) – Innovation
•  Mangalam Landmarks (Project – Mangalam Destinations) – Women Worker Welfare

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