Realty firm Kalpataru Ltd will invest Rs 350 crore over the next three years to develop a premium housing project in Mumbai as it sees revival in demand supported by lower home loan interest rates and property prices.
Kalpataru Ltd, which is part of diversified business house Kalpataru group, on Friday said it has started the second phase of its housing project ‘Kalpataru Vienta’ in Kandivali (East), Mumbai.
The company will build more than 200 housing units in the second phase of this project. The construction work will start this month and possession is expected in early 2024.
“Nearly 5 lakh sq ft area will be developed in the current phase at an estimated cost of Rs 350 crore,” Kalpataru Ltd said in a statement.
The prices for 2BHK start at Rs 1.7 crore while prices for 3BHK start at Rs 2.4 crore.
Kalpataru Vienta is spread across 2.4 acres.
The first phase comprising over 170 units was launched in January 2020.
“Customer confidence has witnessed a strong turnaround on the back of interest rate softening, schemes and strong policy support for the homebuyer. With average saving in the range of 8-10 per cent for the homebuyer, prices have hit a historic low, making this the best time to invest in real estate,” Kalpataru Ltd MD Parag Munot said.
Kandivali East is one of Mumbai’s greenest and best-connected micro markets, he said.
Housing sales have improved in the Mumbai Metropolitan Region (MMR) and Pune after the Maharashtra government reduced stamp duty on registration of properties to boost sales, which were badly impacted during April-June period because of COVID-19-induced lockdown.
According to housing brokerage firm PropTiger, sales in July-September rose 85 per cent from the previous quarter.
Kalpataru Ltd has real estate projects at 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.