City-based realty player Wadhwa Group has entered into an agreement with the Thakur Group to jointly develop a mix-use project on a two-acre land parcel in Kandivali in the megalopolis, a venture that has a revenue potential of Rs 900 crore.
Both entities have entered into an area-sharing agreement whereby a part of the total 3.5 lakh sqft of developable area and the sales thereof would be handed over to the Thakur Group, once the project is completed.
"We are always on the look-out for freehold land properties across the city for joint development opportunities as we believe in developing the projects as per our specifications. We will be responsible for the designing, construction and sales of this project," Wadhwa Group Managing Director Navin Makhija said.
The project will have a developable area of 3.5 lakh sqft, and have a mix of residential and retail space, which will be completed in five years.
"Once completed, the project will generate revenues to the tune of Rs 900 crore," he added.
As part of this development, the company has already invested Rs 48 crore as its equity contribution.
"Initially there will be equity infusion. Besides this, we will fund the project through the free cash flow generated from other projects along with project finance, which will soon finalise," Makhija added.
The project, which is coming up in the densely populated residential locality Thakur Village, comprises of 372 units of 2 and 3 bed residences with carpet areas starting from around 680 sqft to 1130 sqft and prices beginning from Rs 2.5 crore onwards.
"We plan to have around two residential towers of around 39 storeys each with retail space," the official added.
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