Mumbai-based Duville Estates has forayed into real estate business and is developing three housing projects in Pune with an investment of Rs 500 crore.
Duville Estates is a privately held company of DBC group, owned by Behram Dubash. The group is engaged in many businesses including shipping. It has now entered real estate business to monetise land parcels bought at historical cost.
"We are developing three housing projects, comprising 1,150 units, in the first phase of this 31-acre township project 'Riverdale'. This is located on the banks of the Mula Mutha River in Kharadi, Pune," Duville Estates Director Tushad Dubash told PTI.
The first project 'Riverdale Heights', comprising 580 units, is expected to be delivered this year, he said, adding that about 80 per cent of flats have already been sold.
"We have launched two more projects Riverdale Residences and Riverdale Suites comprising 300 units and 270 units, respectively. Both these projects will be completed by 2021," Dubash said.
Asked about the investment, he said, "land we already own at a historical price, we will be spending about Rs 500 crore on construction of these three projects."
The investment is being funded through internal accruals, advances from customers and construction finance.
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Duville Estates is selling flats in these three projects at around Rs 8,000 per sq ft. The prices are in the range of Rs 35 lakh to Rs 1.7 crore.
The township has got Gold Certificate from Indian Green Building Council (IGBC) and all the three projects are registered with regulatory body RERA.
Out of 31 acres, the company has so far utilised around 9 acres and has scope to launch more projects in 12 acres with around 12-14 lakh sq ft saleable area.
Dubash said the company is in planning stage for future projects in this township.
On the overall housing market, he said the demand is picking up gradually.
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