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Mumbai real estate: Ashar Group launches housing project in Thane with a revenue potential of 2,000 crore

ByMehul R Thakkar
Jun 11, 2024 11:29 AM IST

The project by Ashar Group in Thane is spread across 11 acres and will comprise 2,000 units. The MahaRERA completion deadline for the project is 2028

Mumbai Metropolitan Region-based Ashar Group has announced the launch of its housing project named Ashar Merac in Shree Nagar area of Thane real estate market. The project spread across 11 acres will have three towers with 2,000 units and a revenue potential of 2,000 crore, the company said in a statement.

Ashar Group launches housing project in Thane with a revenue potential of 2,000 crore

Ashar Group entered the Thane market with its first project Ashar Estate in 2001.

Explore tax impact, key announcements, sectoral analysis & more from Union Budget 2024, only on HT. Read now!

"With this project we will be delivering over 25 lakh sq ft of premium real estate in the next five years," said Ayushi Ashar, director, Ashar Group.

The company will undertake the project in phases. The first phase will have two towers of 35 floors and 36 floors respectively, the company said.

Also Read: Puravankara buys 12.75 acre land near Mumbai; to develop housing project with a revenue potential of 4000 crore

The project designed by architect Hafeez Contractor will have 1, 2 and 3 BHK apartments. The Maharashtra Real Estate Regulatory Authority (MahaRERA) completion deadline for the project is 2028.

According to local brokers, the per sq ft price prevailing in this micro market is between 18,000 and 20,000 depending on the project, its amenities and social infrastructure.

Ajay Ashar, chairman of Ashar Group, said the project is located close to Thane and Mulund border, and provides residents with connectivity to surrounding localities and the MMR.

Several listed developers have a presence in the Thane real estate market

Several listed real estate developers have launched projects in Thane post COVID-19.

Raymond Realty, Oberoi Realty, Rustomjee Group, Puravankara are among the listed developers who have a presence in the Thane real estate market.

Hiranandani Group also has a presence in the Thane market. L&T Realty signed a joint development agreement in May 2024 for a slum rehabilitation project in the micro market to develop 31.25 lakh sq ft worth 697 crore in Thane.

Also Read: L&T Realty signs pact for joint development of 12 acre land in Thane with a potential of 697 crore

The per sq ft rate of residential apartments in the Thane real estate market varies between 10,000 and 25,000 depending on the locality and proximity to social infrastructure, according to local brokers.

Dilip Kumar bungalow redevelopment project

Ashar Group is also involved in redevelopment of Bollywood legend Dilip Kumar's bungalow in Mumbai's Pali Hill area of Bandra. The company had announced this in August 2023.

Also Read: Dilip Kumar’s Pali Hill bungalow to make way for boutique flats, thespian museum

The redevelopment project, named 'The Legend,' will comprise 4 and 5-BHK luxury apartments, including duplex units, and will also house a 2,000 sq ft museum dedicated to Dilip Kumar who died in July 2021.

The per sq ft price of residential units in Pali Hill area of Bandra is anywhere between 1 lakh and 1.50 lakh per sq ft, local brokers said.

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