📋 Tender Overview
Scope : To Develop a Luxury Residential Led Mixed-Use Project in Prabhadevi in Central Mumbai, Maharashtra.
Realty developer EON Group, erstwhile Siddharth Group, is planning to invest over Rs 250 crore to develop a luxury residential led mixed-use project on a prime land parcel in central Mumbai’s plush Prabhadevi locality.
The developer has added the over 1.25-acre land parcel to its portfolio recently and the redevelopment project, which is currently in the planning stage, is expected to be completed in the next four years.
This is a tenanted property that is targeted to be executed as a redevelopment scheme with the potential for a combination of residential and commercial towers exceeding 2.0 lakh sq. ft of free sale area. The property currently houses around 250 tenants and the value of the asset based on the prevailing market rates is in excess of Rs 100 crore.
The land parcel is located on New Prabhadevi Road and is strategically surrounded by the main road on all sides along with marquee properties Sheth Beaumonde and Rustomjee Crown in proximity. The well-connected location will allow easy access to Mumbai’s major business hubs of Bandra-Kurla Complex (BKC), Worli and Lower Parel.
The company is currently working on architectural plans and seeking necessary approvals from authorities and the final investment is expected to be revised based on the final plans. The proposed investment is expected to be financed through a combination of internal accruals and institutional investment.
The new land parcel spread over 1.25 acres is the second such project in EON’s development pipeline in Prabhadevi micro-market.
