Vihang Group secures CC for three million sq ft from TMC in FY’23

Thane based developer intends to launch four projects this year with a revenue potential of ₹2000 crore.

Thane: Thane-based developer Vihang Group has secured approval from the Thane Municipal Corporation for a staggering three million sq ft in the current fiscal year. This is perhaps one of the largest approvals at one go for a non-township development.

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The group has also attained Occupancy Certificate for 2.5 million sq ft of development across various projects located in the Ghodbunder Road catchment in the same financial year. The group plans anticipates a revenue potential of ₹2000 Crore from four project launches this year and has already launched the first, Capital of Thane,

Capital of Thane consists of two towers consisting 900 units of 1BHK and 2 BHK units at Vihang Valley, an integrated township at Kasarvadavli. “We intend to invest ₹850 crore this year. Our focus will be on aspirational housing in Thane in the price bracket of ₹45-90 Lakh,” said Vihang Sarnaik, an architect from Kamla Raheja Insitute of Architecture, and director of Vihang Group.

Sarnaik is the son of Shiv Sena leader and MLA from Majiwada-Ovala assembly constituency Pratap Sarnaik, a close aide of chief minister Eknath Shinde. “We have three more projects in the pipeline which will be launched in the next two quarters of 2024,” says Sarnaik, who spearheads the group’s sales and marketing as well.

VIhang group diversifies funding for these projects from a blend of equity, bank loans, and customer advances and has earmarked an investment of ₹2,500 crore over the next five years. The Kasarvadavli and Bhayander micro markets are the two focus areas of the group. The Metro Line 4 connecting Wadala to Kasarvadavli and the Thane-Borivali tunnel through Sanjay Gandhi National Park from Gaimukh are two major infrastructure projects which will dramatically improve connectivity to Mumbai and western suburbs.