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Wadhwa, Thakur Groups to Develop City Project
The Economic Times  |  February 18, 2020

Kailash.Babar Mumbai

Mumbai-based Wadhwa Group has entered into an agreement with fellow real estate developer Thakur Group to jointly develop a two-acre land parcel in the suburb of Kandivali. They are planning to develop a residential project, which has a development potential of 350,000 square feet.

 

As part of the proposed agreement, the Wadhwa Group will take care of development, approvals, construction, design and sale while the landowner Thakur Group will be responsible for getting the land title cleared.

 

The two firms are planning to offer apartments with configurations of two and three bedrooms with around 650 sq ft and ranging up to 1,130 sq ft. The project, TW Gardens, is estimated to fetch revenue of Rs 900 crore.

 

“We are looking to develop 3.5 lakh sq ft area and estimating revenue of around Rs 900 crore through this,” Wadhwa Group managing director Navin Makhija told ET. “The funding of the project will be from free cash flow that is generated from our other projects along with project finance that is on the verge of finalisation.’’ The government’s policy interventions, including the implementation of Real Estate (Regulation & Development) Act, 2016, GST and demonetisation have consolidated the sector. Several developers are looking for partners to associate with through joint developments, joint ventures and even exiting a few projects completely.

 

Earlier, developers preferred to invest in the creation of a land bank, but now they are relooking at their business models.