The construction work will begin later this month and the company expects to hand over the houses in early 2024.
Kalpataru Ltd will invest Rs 350 crore over the next three years to develop a premium housing project in Mumbai spread across 5 lakh sq ft, the real estate company has said.
The firm launched the second phase of "Kalpataru Vienta" in Kandivali (East) and will build more than 200 2BHK and 3BHK houses, the company said. The work will begin later this month and expects to hand over the houses in early 2024.
“Kandivali East is one of Mumbai’s greenest and best-connected micro markets. It is also culturally very vibrant and welcoming, and is the location of choice for homebuyers in Mumbai’s western suburbs,” said Parag Munot, Kalpataru Ltd MD.
Nearly 5 lakh sq ft area will be developed in the current phase at an estimated cost of Rs 350 crore, it said. A 2BHK house starts at Rs. 1.7 crore while 3BHK will cost at least Rs 2.4 crore.
The first phase of the project comprising more than 170 residential units across 2, 3 and 4BHK categories was launched in January 2020.
“Customer confidence has witnessed a strong turnaround on the back of interest rate softening, schemes and strong policy support for the homebuyer. With average saving in the range of 8-10 percent for the homebuyer, prices have hit a historic low, making this is the best time to invest in real estate,” Munot said.
Located in Ashok Nagar, Kandivali East, the project is close to the East-West flyover.
Kandivali railway station and the metro station on the upcoming Line 2 and Bandongri metro station on Metro Line 7 are at a walkable distance. There are several shopping malls, educational institutions and offices in the neighbourhood.Founded in 1969, Kalpataru Ltd is part of the Kalpataru Group that has interests spanning real estate, power transmission and distribution, civil infrastructure and logistics.