Avighna Group, HBS Realtors in Advanced Talks for Mega Residential Venture
Project Overview
- Location: Mumbai's Worli, along Dr. Annie Besant Road
- Project Value: Approximately Rs 1,800 crore
- Land Area: Spanning 3.4 acres
- Development Potential: Total area of 0.72 million sq. ft.
- Components: Primarily residential with additional retail and commercial spaces
Partnership Dynamics
- Avighna Group's Role:
- Handling entire project execution
- Overseeing marketing efforts
- Investing its share through internal accumulation and sales arrangements
- HBS Realtors' Contribution:
- Bringing the land parcel to the table
Recent Developments and Market Insights
Avighna Group recently witnessed significant success with the sale of apartments worth Rs 350 crore at its Avighna Estates project, comprising One Avighna Park and Avighna 9, near ITC Grand Central Hotel in Mumbai's Lower Parel area.
Quotes from Key Personnel
- Nishant Agarwal, Managing Director, Avighna Group:
"We will be responsible for the entire project once the agreement is entered into. The agreement will be based on the area share being discussed, but we haven’t finalized it yet."
- Ram Naik, Executive Director, Guardians Real Estate Advisory:
"It’s the most ideal time for financially well-placed developers to seek expansion in south Mumbai, as a few rewarding opportunities exist. The luxury residential market here has underperformed in recent years, but now seems to be awakening from its slumber. Well-delivered and on-time projects have performed better than the market average."
Market Context
The proposed joint venture comes at a time when the luxury residential market in South Mumbai is showing signs of revival after a period of dormancy. This development reflects the shifting strategies of developers under the operational framework of RERA and GST, moving away from mere land banking towards more active project development.