The Savvy group has acquired a portfolio of prime real estate assets in the city, including commercial and residential projects. The group has also announced plans to develop several new projects in the near future. This move is seen as a positive step for the real estate industry in Mumbai, as it will bring in more investments and create more jobs in the city.
Savvy Group, an Ahmedabad-based real estate developer, has entered the Mumbai property market and plans to invest over Rs 2,000 crore in the next few years to acquire and develop buildings in the country’s largest and most costly real estate market.
To begin, the company would invest approximately Rs 750 crore in the development of two projects that it has bought, including a mixed-use and a residential rehabilitation project in the city’s western neighbourhood of Andheri and central suburb Ghatkopar.
The corporation has purchased an acre of land on Parsi Panchayat Road in Andheri (East), as well as an agreement to redevelop a huge housing society, Sindhu Baug Society, on almost 1.5 acres in Ghatkopar.
The company has purchased an acre of land on Parsi Panchayat Road in Andheri (East), as well as an agreement to redevelop Sindhu Baug Society in Ghatkopar.
Furthermore, the company is in talks to buy further greenfield and redevelopment projects in Mumbai, both through joint ventures and outright purchases.
“After nearly three decades in the real estate sector, we are making a modest start in a high-value market like Mumbai. We are trying to engage more over here in light of the Indian economy’s growth possibilities, and commercial capital is at the forefront of that,” Jaxay Shah, CMD, Savvy Group, told ET.
“We have already finalised the plan, layout and have got approvals for the Andheri project and the same is in the works for the Ghatkopar project. Both projects are slated to begin construction soon and to be finished within the next 3-5 years,” said Shalvi Shah, associate director, GIFT and Mumbai projects, Savvy Group.
The Andheri East Project, Merushikhar, will be a mixed-use development with commercial and residential components totaling 100,000 square feet. The business intends to build one, two, and three-bedroom apartments here, along with retail and commercial space on the ground and first floors.
The residential redevelopment project in Ghatkopar, with 90 current members of the housing society, would be a premium development with spacious three and four bedroom configurations.
The Ghatkopar residential rehabilitation project, which already has 90 members of the housing society, will be a premium development with big three and four-bedroom unit layouts. This project will have a total building area of over 200,000 square feet.
So date, Savvy Group has completed over 25 projects in townships, residential, commercial, retail, golf, special economic zones (SEZs), and hotel. It presently has projects totaling 3 million square feet in various phases of development.
It is also building a 60-acre sports-living complex in the centre of Ahmedabad. In addition, the business is developing a golf-centric community on the outskirts of Ahmedabad on 900 acres.
Several famous real estate developers have entered the Mumbai property market amid strong demand, sales momentum, and the prospect of strong returns.
With real estate sales practically every month, the Mumbai property market has been establishing new standards. Despite rising mortgage rates and house prices, it reached a new high in 2022.
Annual property registrations surpassed 121,000 throughout the year, the highest ever, even without the state government’s support of decreased stamp duty during the pandemic time.
The upward trend persisted in January. It was the second-best January in terms of registrations following January 2021, when cheaper stamp duty was available, and the best January in terms of stamp duty collections.
