There is always a demand for good houses and apartments in Mumbai, especially in the affordable range. With more people migrating to this metropolitan city and settling down here, the requirement for residential apartments in Mumbai is always present. Making the most of this demand, many builders are planning to construct residential apartments in various parts of the city.
One such construction firm that is tapping into the demand of the Mumbai real estate market is DB Realty. It is one of the big players in the Mumbai property market, and has proved itself with a number of good projects in various parts of the city. Projects designed and constructed by DB Reality are known for their innovative design and excellent construction. Adding another feather to its cap, DB Reality has now proposed to construct a multi-storeyed residential apartment in Bandra.
With 29 storeys, this residential apartment, once completed, will become one of the hot spots of the Bandra Kurla complex. Though Mumbai is a city that has a number of skyscrapers, the addition of a new one is sure to bring in plenty of investors. The strategic location of the residential apartment as well as the goodwill of the construction firm is sure to encourage many investors to put their money on this real estate and construction firm.
The project has got a positive nod from all the respective permission granting authorities including the AAI (Airport authority of India). The permission from AAI was important because of the height of the project. The project is expected to launch in October, 2015. It is a joint venture between DB Realty and Radius developers with DB Reality owning a 51 percent stake in the project and the developer’s 49% stake. All the planning and developmental activities will be jointly handled by both the partners.
The project is spread over a wide area of 2.6 million square feet and is expected to cost the company Rs 340 crores. The project is expected to be completed in 39 months. This residential apartment is not being constructed on a vacant plot, but on land reclaimed after demolishing the existing buildings. So, you can even call it as a redevelopment project.
Even as the project is being announced, there seems to be a strategic shift in the property in Mumbai rates and trends in this part of Mumbai. Currently, the property rates per square feet are ranging from Rs 35000- Rs 55000 in this area. The rates could increase once this project is completed. So, many of the savvy investors are looking for options to invest their money in properties in the BKC area, so they can make a profit out of their investment in the future. But, we will have to wait for 3 years to find out what exactly is going to happen.
People who want their house to be a landmark in Mumbai can choose to buy an apartment here. It could prove economical for investors to book for an apartment in Mumbai during construction rather than after completion because the prices could be less. DB Realty and Radius developers are all set to give Mumbai a new landmark at BKC.