The COVID-19 pandemic and ensuing lockdown had certainly put a dampener on real estate activity in Mumbai, and in fact across the country. Emerging from the blues the economy has been through; Godrej Properties inked a 1.1 million square feet residential property deal with Akshaya Sthapatya (ASPL). The two companies shall be developing a sea-face complex in Worli, Mumbai. Top builders in Mumbai, Aniline and Satellite Group are important shareholders in ASPL. One of Mumbai’s leading real estate developer, the Dynamix Group is a key shareholder in Aniline.
This deal is the largest real estate deal of this magnitude since the COVID-19 pandemic pulled the brakes on construction and demand in the realty market. The projected revenue of the project is about Rs 3,500 crore and both Godrej Properties and ASPL will share the profits from the deal. The design and layout of the project shall be the prerogative of Godrej Properties. The reputation of the entities involved and the scale of the project bear good tidings for the realty sector and for construction workers in Mumbai.
The deal envisages a residential complex spread over 5 acres area. Over 1500 families living in the slums of Mumbai will benefit from the rehabilitation efforts of the project and will soon have ‘pucca’ housing. Much of the rehabilitation part of the project will be handled by the Dynamix Group and by Satellite. The free sale of apartments will be handled by Godrej Properties. The marketing and branding efforts for this mega-project will be done jointly by Dynamix Group, Satellite, and Godrej Properties. The project is located diagonally opposite Nehru Center and shall be built to have access from Annie Besant Road.
The Dynamix Group, Mumbai, is one of the leading real estate development companies in Mumbai. Established in 1970, the group has built some of the landmark projects in Mumbai, Thane and Goa. Among the group’s most impactful developments are the Gokuldham and Yashodham in Goregaon East which made affordable housing available to the middle- and lower-income groups in the suburbs of Mumbai. Apart from some of the best-known residential projects – Vasant Vihar in Thane West, Shristi in Mira Road, Upvan Complex in Upper Govind Nagar in Goregaon East, and Mahavir Nagar in Kandivali West. To know more visit https://www.dynamixgroup.co.in/
DB House, Yashodham, General A. K. Vaidya Marg,
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