Satra Group to Invest Rs 1000 Crore in Mumbai in The Next 5 years

Satra Group to Invest Rs 1000 Crore in Mumbai in The Next 5 years

Listed company expects Rs 2,500 crore in revenue in the next 4 to 6 years on consolidated basis

Satra Group has announced an initial investment of Rs 1000 crore towards developing real-estate in Mumbai. According to Mr Praful Satra, Chairman & Managing Director of Satra Group, the expansion plan for the next 5 years includes developing of a total of 4 mn sq. ft., delivering more than 1,000 residential units of residential and commercial space.

With the increasing demand for luxury housing in South and Western Mumbai, the company has launched its ultra-luxurious residential project ‘Limited Edition 88’ near Bandra-Worli Sea Link, involving an investment to the tune of Rs.250 crore. The building is slated to serve 81 distinguished families on completion.

Located in the heart of the Mumbai suburb, Bandra, ‘LE88’ is a 26-storey marvellous edifice of excellence comprising of 4 BHK apartments ranging from 382 sq. metres (4116 sq. ft.)  to 405 sq. meters (4364 sq. ft.). It has the potential to generate revenue of about Rs.550 crore over a period of 2-3 years on consolidation basis.

The project, overlooking mesmerising views of the Arabian Sea, offers lifestyle amenities like a modern club house, gymnasium, Jacuzzi, a swimming pool with landscaped jogging track and modern security concepts like biometric access and central monitoring system along with many more features. LE88 is very international in style and scale; with interiors of the project designed by internationally acclaimed HBA, Singapore and sample flats conceptualised and designed by Mrs Gauri Khan. The aforementioned project is being developed as a joint venture with M/s Pyramid Developers.

Speaking on the occasion, Mr Satra said, “We are extremely happy to add a new project in the heart of the city. It shall be our endeavour to deliver LE88 as a winning combination in terms of quality of the property, amenities and pricing. As a part of our strategy to expand and grow, we look forward to additional future opportunities with our other planned projects offering affordable residential flats in premium locations in Mumbai. We are expecting these projects to deliver revenue of about Rs 2,500 crore over a horizon period of 4 to 6 years on consolidation basis.”

“In the upcoming years, our focus is on maximising the wealth of our shareholders, reduce finance costs, enhance employee productivity and increase innovation.” he added.