Real estate firm Kalpataru Ltd will invest Rs 300 crore to develop a housing project in Mumbai as part of its plan to expand the business and tap rising demand for residential properties.
The 2.4-acre project ‘Kalpataru Park Riviera’ at Panvel comprises over 400 apartment units. In the first phase, the company has launched 171 units with prices starting at Rs 73 lakhs.
Apartments in the first phase will be ready for possession by June 2025.
“The project is being developed at a cost of over Rs 300 crore, Kalpataru Ltd said in a statement. Panvel is emerging as Mumbai Metropolitan Region’s new reality hub, due to its strategic location between the industrial hubs and business districts, and the enormous infrastructure development underway,”Kalpataru Ltd MD Parag Munot said.
He said the housing demand has recovered on low-interest rates on home loans.
“Savings at a historical high between 8-10%, on account of softening of interest rates and various incentives by the government and industry makes this the best time to acquire real estate,” said Munot.
According to property consultants, housing sales in Maharashtra, particularly in the MMR and Pune, have risen sharply since September last year on reduction in stamp duty by the state government.
Kalpataru Ltd has real estate projects in Mumbai, Thane and Panvel in the Mumbai Metropolitan Region (MMR), Pune, Hyderabad, Noida, Indore and Lonavala.
Founded in 1969, Kalpataru Ltd is part of the Kalpataru Group that has interests spanning real estate, power transmission and distribution, civil infrastructure and logistics.
The group has a project footprint spanning over 50 countries.