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Vibe Realty Private Limited (VRPL), a real estate company, announced its acquisition of a joint development project in NIBM, Pune. Spread across 8 acres, the project offers 1.03 million square feet of saleable area, featuring over 750 residential units and an expected sales value exceeding Rs 650 crore.
Buyers can look forward to living in a beautifully landscaped neighbourhood with a grand 12,000 plus square feet clubhouse, a modern gymnasium, swimming pool and other lifestyle amenities. VRPL plans to launch the project in the second half of the current financial year.
In addition, the developer acquired its fourth redevelopment project in May 2024, located in the Bangur Nagar area of Goregaon West, Mumbai. This project has a plot size of 4,000 square meters, a development potential of approximately 3.5 lakh square feet, and a revenue potential of over Rs 290 crore.
These new projects add to VRPL’s existing portfolio following the earlier announcement, which comprises four acquired projects located in Khar West, Bandra East, Andheri East, and Goregaon West in Mumbai. Now, the total cumulative development potential stands at 2.7 million square feet with an estimated GDV of over Rs 2000 crore and an estimated profit of around 23-25 percent. Of the above GDV, inventories worth Rs 1100 crores are slated to be launched in the next 90 days.
Gopal Sarda, Founder and CEO of Vibe Realty Private Limited, stated, “These projects give us the opportunity to further scale our development vertical with sizable work under various stages of execution. This helps us expand our footprint in Pune and establishes our presence in Mumbai, which is in line with our current strategy of creating a portfolio of new-age products that support the transformation of Maharashtra’s skyline. So far, VRPL has established a good foundation and made a lot of progress in the redevelopment space, while the company is also evaluating various projects under JV, JD, and structured outright deals. Our objective is to deliver exceptional value to the entire ecosystem across every project, including landowners, buyers, members, and all other stakeholders.”
