Wadia Gets Into Property Development

July 31, 2007	(Be the first to rate this story!)  Loading ...
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The Wadias have finally decided to go for mega ventures in real estate development. The Group owns large chunks of land in different parts of Mumbai, and is now considering building a 36 storey skyscraper which boasts of featuring exclusive luxury apartments.

The proposed project will be developed in a joint collaboration with a global architect. Interestingly, 60 per cent of the apartments have been already booked and the rest would be sold off by end of the year. The project is slated for completion in 1-2 years.

The Group is also taking up the construction of shopping malls and commercial offices at Dadar and Worli. These projects are part of initial development plans at both the sites on its Spring Mill land.

The Wadias are garnering huge investments to execute their big real estate projects. Group flagships Bombay Dyeing is planning to raise Rs 1,000 crore as part of its capital expenditure programme. Of this, a major part will be used for property development.

Mumbai property market continues to avail the benefits of Foreign Direct Investments (FDI). A 10 per cent growth is likely to continue in the coming year. However, an increase of 30 per cent in unit prices and rents in Mumbai led to the overheating of the city’s real estate sector, says the data showcased in Bombay Dyeing annual report.

News Published Under:   Mumbai, Real Estate Developers |