Mumbai-based real estate firm Dosti Realty has entered the redevelopment business and has secured the rights to a redevelopment project in Thane, near Mumbai, with revenue potential of Rs 430 crore.
The project, near the Eastern Express Highway, is spread over a 1 lakh sq ft land parcel and has a cumulative estimated development potential of 3.10 lakh sqft. This will be the company's first redevelopment project, it said in a statement.
"Targeting a revenue of Rs 430 crore, this project will be including various components, such as rehab, sale, podium and basements. The project, which is set to be launched in FY 2024-25, will have an estimated completion of end 2027,” the statement reads.
Of the estimated development potential of 3.10 lakh sq ft carpet area, 2.10 lakh sq ft of the carpet area is available for sale, said Deepak Goradia, Chairman and Managing Director of Dosti Realty.
The company said it has ongoing projects of around 21 million sq ft across the Mumbai Metropolitan Region (MMR) and Pune.
Dosti Realty has till now focused on greenfield large township projects. The company is aggressively looking at prime society redevelopment across the MMR, its statement said.
Also read: Mumbai-based Dosti Realty forays into Pune market, to construct over 1 million sq ft
The company plans to launch two projects in the current financial year and four projects in the next financial year.
In 2022-23, Dosti Realty had sold 2,000 plus units, and has sold over 3,000 units in the ongoing fiscal year. Overall, the company has delivered 11.70 million sqft.
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