Bengaluru-based real estate developer Sattva Group said that the company is pursuing multiple projects in Mumbai, although unlike its previous major project in Mumbai, it is now doing so on its own. Sattva's vice president of strategic growth, Shivam Agarwal, told Moneycontrol that besides the company's core Bengaluru and Hyderabad markets, it is also focusing on Pune, both for residential and commercial developments.
"As we are relatively new to this market, our approach emphasizes both strategic timing and securing the best of opportunities. While we have previously collaborated on a mixed-use project in Chembur, our current strategy is centered on exploring the Mumbai market independently. We are committed to pursuing larger-scale developments on our own, with the goal of establishing a significant presence in the city," Agarwal said.
In Mumbai, the group has closed its first deal in the premium-luxury residential segment in Sewri, which is to be launched in the next three-to-four quarter pending approvals. Agarwal said that it is working to secure additional land parcels in the city in the ongoing financial year.
According to media reports, the Sattva group has lined up around Rs 14,000 crore in investments across commercial and residential real estate assets, including in assets like hotels and data centres. In partnership with private equity firm Blackstone and Pune-based developer Panchshil Realty, the company is also planning to launch an office real estate investment trust (REIT), with a total portfolio of around 40 million square feet.
While Sattva has constructed multiple residential projects in Bengaluru and Hyderabad, it is also known for several marquee commercial real estate assets in both cities. Its clients include Google, Microsoft, Oracle, American Express, Walmart, and others, who have set up development centres and global capability centres at Sattva's facilities, chiefly in Bengaluru and Hyderabad.
With Pune emerging as a major hub for global capability centres for manufacturing, financial services, as well as tech firms, real estate players, including flex space operators, have explored that market as well, both for offices, as well as for the resultant demand in homes.
"In Pune, we have secured a couple of land parcels and are progressing with significant developments. Currently, we are constructing 1 million square feet of commercial space, and we are actively discussing other opportunities in both residential and commercial of another 1.5 to 2 million square feet," Agarwal said.
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