Mixed-use residential project coming up in Bandra
Recently, Writer Realty, the real estate branch of Writer Group has brought a two-acre of land for Rs 200 crores in Bandra. The company is planning to utilise this land for mixed-use residential purpose.
By next year they are planning to launch a luxury residential project which will be located near Pali Hill.
There was a drop down in the real estate deals in Mumbai, but this major realty deal will revive the land deals in the major cities. Writer Group has also invested Rs 300 crore in a hospitality project outside Mumbai.
Writer Group has multiple luxury buildings which they use for renting out to rich foreigners. Writer Group owns around 3,500 acres of plot, out of which they are going to use 320 acres of plot for their hospitality project, Hilton Shillim.
The Hilton Shillim is located about 200 kms from Mumbai. The company is also planning to construct 25 luxury villas by 2013 and sell them for Rs 8 crore each. From Bandra project, the Writer Group is going to earn approximately Rs 500 crores revenue as per market estimation.
Commonfloor’s take : The launch of Writer Realty’s mixed-use residential project makes Bandra almost at par with Central Mumbai.
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