On Wednesday, the Cable Corporation of India officially announced its foray into the real estate sector, planning to invest a hefty Rs. 1000 crore into its inaugural project. This ambitious undertaking will be carried out through CCI Projects Private Ltd (CCP), an associate company of CCI, wherein CCI holds a 15% equity stake.
The project is dubbed Rivali Park, sprawling over an expanse of 22 acres in Borivali, Mumbai. This undertaking can aptly be characterized as a mixed-use development, encompassing a variety of features including commercial, retail, entertainment, hospitality, and cultural components.
Rivali Park will be executed in multiple phases, with an estimated completion timeline ranging from five to seven years. Notably, the first phase is slated for completion within the next 24 to 30 months, focusing primarily on the residential development aspect.