Real estate firm DB Realty will develop a 29-storey residential tower in the suburban Mumbai in the Bandra Kurla Complex (BKC).
“MIG (Bandra) Realtors & Builders, a wholly-owned subsidiary of DB Realty, has undertaken development of land spread across 20,150 sq mt in the BKC,” the company said in a filing to the BSE.
DB Realty has entered into an agreement with MIG cooperative housing society in 2010 for developing the land. The company has invested Rs 340 crore in the project so far and is expected to have built up an area of over 2.6 million sq ft.
“The project has received height approval for construction of a 29-storey tower from the Airport Authority of India and after completion, the building is expected to be the tallest residential property in the BKC,” the company said.
The realty major has already commenced demolition of the buildings after receiving all requisite approvals from the authorities concerned. The Mumbai-based firm is expected to commence construction in October and will be completed in 39 months.
“With the emergence of BKC as the main central business district, this area has become the most sought after residential location in Mumbai with prices ranging between Rs 35,000 and Rs 55,000 per sq ft. This project is expected to accrue substantial revenues to the company over the next four years,” the company said.
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