EON Group formerly known as Siddharth Group has added a 5,000 sq ft land parcel in Mumbai’s prime location to its portfolio of assets, where it plans to develop a luxury mixed-use complex.
The land parcel is located on New Prabhadevi Road surrounded by the main road on all sides along with marquee properties Sheth Beaumonde and Rustomjee Crown in close proximity. The well-connected location will allow easy access to Mumbai’s major hubs of BKC, Worli, and Lower Parel.
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 has approximately 250 tenants. The value of the asset as per prevailing market rates is in excess of Rs 100 crore.
EON Group plans to develop the project within 4-5 years and the overall investment will be in excess of INR 250 Cr subject to the finalization of architectural plans and necessary approvals. The investment is planned to be funded by a combination of internal accruals as well as an institutional investment.
Bharat Shah, Chairman, of EON Group, stated, “The unique fundamental advantages of this land parcel make it a promising candidate to become an eminent landmark. It is very rare to find a property that is on the main road surrounded by Mumbai, especially in such a well-connected and rapidly evolving locale as Prabhadevi. This development is well-suited to become a thriving live-work-play complex.”
Palash Shah, Managing Director, EON Group, added, “This is our second project in Prabhadevi and we are confident about the micro-markets centrality in Mumbai’s overall growth story. Our outlook on the housing market remains positive and strong, and this project is a valuable addition to our robust pipeline as we continue to cater across the residential spectrum.”
