Xrbia Developers, a Mumbai-based realtor, has partnered with a real estate developer Crystal Group to develop an affordable housing project in Chembur suburb of Mumbai.
The project, Chembur Central, is planned to be developed in two phases on a total saleable area of 2.5 million sq. ft. with 6,000 units. The first phase includes building 2,000 housing units on 7 lakh sq. ft. area. The entire project is free-sale part of a 15-acre slum rehabilitation project with scheduled construction duration of 40 months.
1 BHKs and 2 BHKs apartments will have a carpet area ranging from 180 to 230 sq. ft. and from 230 sq. ft. to 305 sq. ft. respectively. The price is set up to Rs 40 lakh and Rs 80 lakhs for 1 BHK and 2 BHK respectively.
The companies have formed a Special Purpose Vehicle (SPV) Aryamaan Developers to complete the entire project. Xrbia Developers expects to raise revenue of about Rs 3,500 crore from this project.
“We are extremely pleased to bring in compact housing to Mumbai and are confident that it will be a turning point in the real estate sector in Mumbai,” says Rahul Nahar, Chairman, Xrbia Developers.
Source: ET Realty