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The real estate developer Shapoorji Pallonji Real Estate (SPRE) and PAG (an investment company) have to get involved to revive a super-luxury residential project in south Mumbai, “The Minerva,” India’s tallest residential building, in South Mumbai’s Mahalaxmi locality.
The project will be developed and executed by the current developer, Lokhandwala Kataria Constructions. Indiabulls Housing Finance has already provided funding for the luxurious project. Shapoorji Pallonji Real Estate (SPRE) will be responsible for the project’s branding, sales, and marketing.
The project fits our plan to increase our market share in the ultra-luxury segment. This project gains a lot of confidence with Indiabulls Housing Finance and investment powerhouse PAG as its financial partners, according to Venkatesh Gopalkrishnan, CEO of Shapoorji Pallonji Real Estate(SPRE).
The 91-story high-rise building, which is more than 300 metres tall, has views of the Arabian Sea and the Mahalakshmi Racecourse. The remaining inventory that hasn’t been sold is expected to generate over Rs 1,500 crore in revenue, with a saleable area of about 1.2 million square feet.
We are pleased to join India’s fastest-growing real estate, SPRE as a financing partner for reviving this historic project. According to Kanak Kapur, partner and managing director at PAG Credit & Markets, “We are confident in the group’s ability to develop high-quality real estate projects with quality services.”
There are 372 apartments in the ultra-luxurious development, and several businessmen and celebrities have already bought homes there. Over 200 home buyers are anticipated to move in soon after they receive a partial occupation certificate (OC) from the civic authority up to the 51st habitable floor.
The project was started at the end of 2010, but it was put on hold because the authorities took too long to sanction the approvals for the entire floor space index (FSI). Industry experts claim that Lokhandwala Kataria Constructions, the project’s developer, had petitioned the court for a directive to obtain the required permissions.