Squarefeet Group plans to invest Rs.300cr in Luxury project in Mumbai

Squarefeet Group, a real estate company, is set to allocate approximately Rs.300 crore for the construction of a residential project in Thane within the Mumbai Metropolitan Region (MMR). The project, named 'Yuva Rajya', will consist of around 1,000 flats spread across 3 acres. The company aims to generate a revenue of Rs.750 crore within the next 4-5 years.

Sachin Marani, the Director of Squarefeet Group, announced that the company has introduced approximately 300 apartments in the initial stage, with 100 units being successfully sold on the inaugural day.

He said that the company is eyeing on millennials for this project and further added,"The total project cost is Rs. 250-300 crore, while the sales realisation is estimated at Rs.750 crore."

Squarefeet Group, headquartered in Mumbai, has successfully finished the construction of over 5,000 apartments in different projects located in Thane. Presently, the company is actively engaged in the development of numerous ongoing projects.

The demand for housing has witnessed significant growth following the Covid-19 pandemic. 

Last year, the Mumbai Metropolitan Region (MMR) witnessed a significant increase in housing sales, as indicated by the data provided by PropTiger. The number of units sold rose by 29 percent, reaching a total of 141,480 units, compared to 109,677 units in the calendar year 2022.

Furthermore, the ongoing trend of remote work and the increasing preference for larger, more spacious homes due to the COVID-19 pandemic have also contributed to the rise in housing sales. Many individuals and families are now looking to invest in properties that offer more space, better amenities, and a higher quality of life, leading to a surge in demand for residential units in the MMR.