Avighna Group to invest Rs 1,000 crore to develop towers in Mumbai
Mumbai-based Avighna Real Estate Development Group has announced expansion of its residential portfolio with plans to develop two ultra-luxury residential towers in Worli, Mumbai via an initial investment of Rs 1,000 crore.
The two towers – a 17-story tower and a 35-story tower – together will have a salable area of approximately 2,00,000 square feet. The company said in a statement that the projects will be funded through internal accruals without seeking any external loans or institutional financing. The group recently completed the 19-storey Grade A office building Avighna House, a commercial project in Worli Naka.
In 2020, Avighna Group generated sales of approximately Rs 400 from One Avighna Park, which emerged among the top selling luxury home developers in Mumbai.
Nishant Agarwal, Managing Director of Avighna Group said, “The investment approach is in line with Avighna’s process of taking on specific projects with specific deadlines and quality standards. The architectural and design elements of both the projects have been completed and the materials for the two outstanding projects will be sourced from specialists from around the world.” “.
The building with 17 floors consists of luxury residences while it has 35 floors
The tower will include residential and commercial units. Both projects will feature luxury homes in 3, 4 and 5 bedroom configurations. Both new projects will feature top-of-the-range amenities and luxury features, as well as benchmark sustainability initiatives – from energy-efficient construction and maintenance to resource conservation and minimal carbon emissions.
Agarwal further said while Worli, with its prime location and access to the best infrastructure and facilities, has always had a distinct advantage, the upcoming coastal road and metro services will enhance Worli’s reputation as a preferred address.
He said the transformation of Worli into a vibrant commercial and residential area is a great example of sustainable urban renewal, and our upcoming project will redefine the standards for quality development in the area.
The group owns a diversified portfolio of residential, commercial, retail and luxury mixed projects and has pioneered the making of landmark projects in Mumbai for the past 21 years.
First published: May 07, 2023 | 10:17 p.m ist