Veena Developers Announces Multi-Million Investment in High-End Mumbai Projects
11.11.2023 - 11:06:31Veena Developers Announces Multi-Million Investment in High-End Mumbai Projects. Veena Developers to introduce 1.5 million square feet of luxury residential and high-end retail spaces with a revenue potential of Rs 3500 cr
Business Wire IndiaVeena Developers, a leading real estate firm in Mumbai, has unveiled plans for three high-end real estate in Mumbai. These projects, set to launch in the thriving micro-markets of Kandivali, Borivali, and Andheri, aim to introduce a 1.4 million square feet sale area having a construction area of nearly 4 million sq. ft., emphasising a revenue potential of Rs 3500 cr.
While Speaking on the Development, Haresh Sanghavi, the Chairman of Veena Developers and its Group of Companies, highlighted, "We are dedicated to crafting living spaces that embody sophistication and comfort, catering to the discerning tastes of our esteemed clientele. The upcoming projects are strategically aligned to cater to the luxury and semi-luxury segments, reflecting the company's unwavering commitment to providing exclusive living experiences that epitomise elegance.”
Mr. Sanghavi further revealed that the funding for the forthcoming projects, amounting to Rs 750 crore, the company plans to complete these developments before 2027, with a substantial 80% of the projects dedicated to luxury residential spaces and the remaining 20% allocated to high-end retail spaces. Beyond the impressive upcoming ventures, Veena Developers is currently in the process of delivering five million square feet across various projects, with delivery set to commence from next month onwards. The company has already incurred a cost of Rs 1,500 crore in ongoing projects.
Mr. Sanghavi also shed light on the intricacies of the ongoing projects, revealing the diversity within their portfolio, which includes society redevelopment projects in Andheri Lokhandwala and Krishna Nagar Borivali. According to the Company, Veena Developers has strategically carved their market presence across key areas in Mumbai. In the realm of luxury and semi-luxury residential developments, their footprint extends gracefully across the vibrant neighbourhoods of Kandivali, Andheri, Malad, Chembur, and Santacruz. Each location has been carefully chosen to reflect the essence of modern living, where their offering seamlessly blends comfort and sophistication.
“In the commercial sector, our focus shines brightly in the bustling area of Malad-West. Here, we've meticulously curated an innovative workspace that echoes the dynamism of the business world, fostering an environment that nurtures growth and progress for enterprises. Furthermore, our commitment to providing affordable housing options finds expression in the serene locale of Palghar. Here, we are dedicated to creating homes that meet the community's needs and embody our vision of inclusivity and accessibility, ensuring that everyone can experience the joy of owning a quality home,” Sanghvi added. Additionally, the company has a substantial presence in prime locations such as Vasai, Goregaon, Malad and Palghar, catering to diverse housing needs across the city.
The announcement comes amidst a highly encouraging response from the market, particularly before the auspicious occasion of Diwali. Veena Developers has witnessed a surge in interest, especially in their luxury and uber-luxury offerings, indicating a growing demand for premium residential spaces. The company has also noted a preference shift among millennials, emphasising a desire for quality living spaces that align with their modern lifestyles. In a notable trend, there has been a significant rise in demand from women homebuyers, highlighting their increasing financial independence and decision-making power. This reflects a broader societal shift towards inclusivity, emphasising the importance of catering to diverse homeowner preferences and requirements.
While Speaking on the Development, Haresh Sanghavi, the Chairman of Veena Developers and its Group of Companies, highlighted, "We are dedicated to crafting living spaces that embody sophistication and comfort, catering to the discerning tastes of our esteemed clientele. The upcoming projects are strategically aligned to cater to the luxury and semi-luxury segments, reflecting the company's unwavering commitment to providing exclusive living experiences that epitomise elegance.”
Mr. Sanghavi further revealed that the funding for the forthcoming projects, amounting to Rs 750 crore, the company plans to complete these developments before 2027, with a substantial 80% of the projects dedicated to luxury residential spaces and the remaining 20% allocated to high-end retail spaces. Beyond the impressive upcoming ventures, Veena Developers is currently in the process of delivering five million square feet across various projects, with delivery set to commence from next month onwards. The company has already incurred a cost of Rs 1,500 crore in ongoing projects.
Mr. Sanghavi also shed light on the intricacies of the ongoing projects, revealing the diversity within their portfolio, which includes society redevelopment projects in Andheri Lokhandwala and Krishna Nagar Borivali. According to the Company, Veena Developers has strategically carved their market presence across key areas in Mumbai. In the realm of luxury and semi-luxury residential developments, their footprint extends gracefully across the vibrant neighbourhoods of Kandivali, Andheri, Malad, Chembur, and Santacruz. Each location has been carefully chosen to reflect the essence of modern living, where their offering seamlessly blends comfort and sophistication.
“In the commercial sector, our focus shines brightly in the bustling area of Malad-West. Here, we've meticulously curated an innovative workspace that echoes the dynamism of the business world, fostering an environment that nurtures growth and progress for enterprises. Furthermore, our commitment to providing affordable housing options finds expression in the serene locale of Palghar. Here, we are dedicated to creating homes that meet the community's needs and embody our vision of inclusivity and accessibility, ensuring that everyone can experience the joy of owning a quality home,” Sanghvi added. Additionally, the company has a substantial presence in prime locations such as Vasai, Goregaon, Malad and Palghar, catering to diverse housing needs across the city.
The announcement comes amidst a highly encouraging response from the market, particularly before the auspicious occasion of Diwali. Veena Developers has witnessed a surge in interest, especially in their luxury and uber-luxury offerings, indicating a growing demand for premium residential spaces. The company has also noted a preference shift among millennials, emphasising a desire for quality living spaces that align with their modern lifestyles. In a notable trend, there has been a significant rise in demand from women homebuyers, highlighting their increasing financial independence and decision-making power. This reflects a broader societal shift towards inclusivity, emphasising the importance of catering to diverse homeowner preferences and requirements.
