Mumbai-based Bharat Agri Fert & Realty Ltd has received commencement certificate from Thane Municipal Corporation (TMC) to carry out development work for the construction project 'Shiv Sai Paradise', Phase II, Majiwada for Tower G for basement + 31 floors of 2/3 BHK homes. The Company plans to buy more FSI by paying TDR, as the final project has a total of 58 floors. Company expects revenue in the range of Rs. 700-800 crore over a period of five years from this real estate project.
The commencement certificate shall remain valid for a period of one. The land has already been purchased and the company had gradually started working on the same project. The company had received permission from TMC for the construction of TOWER G, consisting of a basement + stilts or ground + 1st to 6th parking floor + 7 to 31th floors based on the company's current FSI.
Company has received permission from TMC Chief Fire Officer for up to 52" floor and once the company procures the required TDR as per TMC guidelines, the additional floor amendment will be applied. TMC has provided the company with a letter of intent, allowing company to approach MoEF for the aforementioned amendments.
The company has already started availing of the required project finance, appointed a civil contractor, and complied with all other required sanctions and permissions to start up the construction work on receipt of an amendment in MoEF permission, which is in an advanced stage. In view of the above, the company will be fully utilising their available potential FSI at Majiwada Thane Phase II Residential Tower, which will have 2/3 BHK luxurious or sophisticated flats with all modern amenities and facilities to cater to the local residential market by offering 400 number of flats at affordable/reasonable rates.
Based on current market conditions, the company anticipates revenue of approximately Rs. 700-800 crores from this real estate project in Majiwada, Thane, over the next five years, and will comply with or amend RERA as necessary. On successful completion of this project company will be Debt free and will increase their expansion project at Anchaviyo Resort along with higher capacity utilization of SSP Phosphatic Fertiliser Business at Wada, Palghar.
