MUMBAI: Affordable housing developer Xrbia Developers has entered into an alliance with Mumbai-based realty developer Crystal Group to jointly develop a compact-home project in Chembur suburb of Mumbai
The project, Chembur Central, to be developed on free-sale part of a 15-acre slum rehabilitation project will have total saleable area of 2.5 million sq ft. The first phase is proposed to be 700,000 sq ft with total 2,000 units, while the entire project will have total 6,000 houses.
The apartments in the project will be priced at Rs 40 lakh for 1-bedroom unit and up to Rs 80 lakh for 2-bedroon units. The 1BHKs will have a carpet area ranging from 180 to 230 sq. ft. and 2BHKs will have 305 sq. ft. carpet area. The project is estimated to be completed in over the span of 40 months.
“We are extremely pleased to bring in compact housing to Mumbai and are confident that it will be a turning point in the real estate sector in Mumbai,” said Mr. Rahul Nahar, Chairman of Xrbia Developers.
The project will be developed by Aryamaan Developers, a special purpose vehicle formed by Xrbia Developers and Crystal Group. Nahar expects to generate revenue of Rs 3,500 crore from this project.
XRBIA Developers had recently said that it is working on a plan to cover all important property markets in India with its projects through a total of 12 joint ventures in the current year. In addition to this, the developer is also looking to tap the affordable housing segment in international markets including Dubai, Nigeria and Kenya. The company is in talks with 6 prospective partners in these markets for joint ventures there.