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.

The post Ashar Group Achieved Early OCs for Two Redevelopment Projects, Elevating Homebuyer Confidence appeared first on NRI News.

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.

The post Vascon Engineers’ Strategic Entry into Mumbai appeared first on NRI News.

In FY24, the Company acquired projects in Pune and MMR with a total topline potential of approximately INR 4,000 crore

PUNE: Kolte-Patil Developers Limited (BSE: 532924, NSE: KOLTEPATIL; KPDL), a leading Pune based real estate player with growing presence in Mumbai and Bengaluru, has signed two new society re-development projects in the western suburbs of Mumbai with total saleable area of ~3.06 lakh square feet translating into top-line potential of ~INR 545 crore. The two acquired projects are at strategic locations in prime residential areas, Dahisar and Versova, in line with the company’s growth and diversification goals of expanding its presence in Mumbai. With these additions, the company now has a total of fifteen projects in the Mumbai Metropolitan Region (MMR), addressing a wide spectrum of real estate demand in the city.

Project Details:

1. The Dahisar project is well connected to the Western Express Highway. Further, the proximity to the metro connecting via Andheri and its further expansion to the BKC add to the attractiveness of the project. The Company has demonstrated success in the Dahisar micro-market following the execution of its residential re-development project, Vaayu.
2. The Versova project has strong demand potential and access to rapidly expanding public infrastructure including the metro lines and the proposed Versova-Virar Sea Link which will provide coastal road connectivity between South Mumbai and Western suburbs.

Commenting on this announcement, Rahul Talele, Group CEO, of Kolte-Patil Developers Ltd. said, “I am happy to announce the addition of two new society redevelopment projects in the western suburbs of Mumbai. This marks another significant milestone in our journey to strengthen our presence in Mumbai which represents the largest real estate market in the country. These projects align with our strategic goals and we are confident that our active initiatives and growing presence in society re-development space will continue to enhance our standing in the MMR market in a significant manner.

Our success comes from navigating the complexities of the real estate landscape and executing projects with speed in line with the preferences and requirements of our customers to deliver an elevated brand experience. The acquisition of these projects further demonstrates our commitment to growth and diversification beyond Pune. With a decade-long presence, we are well positioned to capitalize on the tremendous opportunity in Mumbai for trusted developers like Kolte-Patil.”

During the year FY24 till date, the Company has successfully acquired eight projects, comprising two in Pune and six in MMR, with a combined total development potential of 3.3 million square feet and a topline potential of ~INR 4,000 crore. The company remains committed to expanding on the back of innovative, capital-efficient opportunities for continued growth and expansion in its targeted markets.

The post Kolte-Patil acquires two society re-development projects in the Western Suburbs of the Mumbai Metropolitan Region appeared first on NRI News.

Speaking about the initiative, Vishal Gokhale, Chairman and Managing Director of Gokhale Constructions said, “Experience gained from the successful redevelopment of over 175 societies has gone into creating the service model of ‘RISE’. This long experience has helped us to understand the requirements of the self-development process accurately. ‘RISE’ is the first initiative by any leading real estate developer, which enables the society members to earn the profits generated from the sale of additional flats which get created as a result of re-development of old buildings.“

“RISE will not only give bigger homes, and ultramodern facilities but will also allow earning profits. Gokhale Constructions will charge a fixed fee to the society, apartment, or bungalow and will provide the required services under the ‘RISE’ initiative including checking the technical and financial feasibility of re-development, obtaining the necessary permissions, and completing the top-quality construction in the set timeline”, he added.

Gokhale Constructions will be the guarantor while helping the societies raise the funds required for self-development. The required funds will be borrowed from the banks or authorized financial institutions. This is one of the most important highlights of the RISE initiative.

A special committee of experts has been formed to facilitate these services being provided under RISE. The committee includes Architect Manoj Tatuskar and Architect Vikas Achalkar of A&T Consultants, Abhijit Kenjale, Adv Udaykumar Kulkarni, Adv. Shripad Khurjekar, Parag Chopra- Pune District Co-operative Housing Society, and Suhas Patwardhan-President of Apartment Federation.

The post Gokhale Constructions starts ‘RISE’ initiative for Self Redevelopment appeared first on NRI News.

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. 

The post Dosti Realty sets sights on approx Rs 430 Cr revenue with prestigious Thane Society Redevelopment Project appeared first on NRI News.