Matheran Realty To Sell Residential Units At Karjat

The property development firm Matheran Realty has revealed its intention to offer 15,000 residential units at its Karjat project, priced at an attractive Rs 999 per square foot. This ambitious undertaking marks the initiation of a Rs 900-crore mixed-use project located on a sprawling expanse of 100 acres in Karjat.

Pravin Banavalikar, the Chief Executive Officer of Tanaji Malusare City, remarked, "The project will allocate 10%-15% of its area for commercial purposes, offering a financial cushion to mitigate potential losses incurred from selling residential units."

Tanaji Malusare City functions as the Special Purpose Vehicle for this Karjat project, established in collaboration with a financial institution. Banavalikar further detailed that the initial phase, consisting of 3,000 flats, is poised to commence sales starting tomorrow. Following this, additional phases of units will be launched every six months.

Anticipating a significant influx of buyers, the developer has opted to implement a lottery system for unit sales, ensuring that individuals who do not secure a flat in the first round will have opportunities in subsequent phases. Banavalikar elaborated, "We are actively scouting approximately a thousand acres of land to develop similar projects at locations within a 50-100 kilometer radius of Mumbai."