Hyderabad-based realty developer Ramky Estates & Farm has forayed into the Mumbai property market by securing rights for a project involving slum rehabilitation redevelopment project spread over 1.5 acres in the country’s financial capital’s Chembur suburb.
“This will be Ramky’s first pilot project in the Mumbai Metropolitan region (MMR). The project also reflects our intent to participate in socially impactful, capital efficient projects. More strategic acquisitions and redevelopment projects are being worked upon,” said M Nanda Kishore, Managing Director of Ramky Estates & Farm.
The project with development potential of around 463,000 sq ft including 237,000 q ft free sale area for the developer holds a revenue potential of over Rs 550 crore.
The development involving rehabilitation of over 400 slums is estimated to have overall cost of over Rs 300 crores. The project is expected to be completed in 3-3.5 years including the rehabilitation component.
Real estate consultancy firm Anex Advisory acted as the transaction advisor to Ramky Estates & Farm.
