DB Realty partners Radius Developers to redevelop MIG project in Bandra

Q: When is the project going to launch and the completion period?

Santosh TR,

3rd July 2015

Residential Project Review in Bandra East, Mumbai

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Replies (4)

Hello all,

Do we know which area of MIG is under this project i mean what building numbers??
Do we know that this plan has been finalized and approvals got or agreement wit tenants done??
As there are lots of talks that go on..but eventually nothing surfaces...so....

Thank u all

ABHIJIT WARADE ,

29th September 2015

Comment

They are officially going to launch this project in mid-November around Diwali. Piling work has started. All approvals required at this stage have been received. The total built-up area of the project is expected to be over 2.4 million sq ft.

sadhana,

14th October 2015

One more thing that i want to add that this building is expected to be the tallest residential building in the BKC/Bandra East area. The project has received height approval for construction of a 29 storey tower from the Airport Authority of India.

Rajatrawal, Mumbai

14th October 2015

Yes, it is true and the company had entered into development agreement with MIG Co-operative Housing Society Ltd in October 2010 for the development of the land. As per the agreement, the Society had handed over the buildings to the company. The demolition of the buildings commenced on July 1 this year. On the eve of Diwali they are officially going to announce this project.

Sandeep Mhatre, Mumbai

15th October 2015

DB Realty told that the revenue from the project on completion is expected to be in the region of Rs 3500 crore.

Sandeep Mhatre, Mumbai

16th October 2015

Hi Javed & Sadhana,
Yes, the company's strategy is to take up projects in the city and Pune that have been stuck for several reasons. Chhabria plans to launch or re-launch these projects under the Radius brand, market and sell them and enter into a profit-sharing agreement with the existing developer through a joint venture.

Sishir,

3rd July 2015

Comment

Hi Varun,
How much will DB Realty invest in this project? Did they get approval from the concerned department? What will be the selling price of those apartments?

Javed,

3rd July 2015

Comment

Hi Javed,
As per DB Realty, they will redevelop the MIG project with an investment of Rs. 340 crore. They have received approvals to redevelop the property for which demolition work has already started. The selling price of the apartments in the project will in the range of Rs. 28000-30000/sq-ft.

sadhana,

3rd July 2015

Thanks Sadhana,
When is the construction work going to start? Have they got approval from the Airport Authority of India as it is a high rise apartments? What will be the total build-up area?

Javed,

3rd July 2015

Well Javed,
Construction of the MIG project should begin in a month's time. The total built-up area is expected to be over 2.6 million sq-ft. The company said it has received height approval for constructing a 29-storey tower from the Airport Authority of India.

sadhana,

3rd July 2015

@Sadhana,
If i am not wrong, Radius Developers was founded last year by Chhabria, who was earlier managing director of Mumbai-based Wadhwa Group. What is the company's strategic behind this project? Any idea?

Javed,

3rd July 2015

Hi Santosh,
The project is expected to launch on 14 October' 2015 and is likely to complete in the next three years i.e. October'2018. DB Realty has huge pipeline projects and has decided to take the joint venture route to speed up construction and reduce the cost.

Aneek Das,

3rd July 2015

Comment

Well Aneek,
After 5 yrs. DB Realty agreed to develop the 5-acres MIG Housing Colony in Mumbai's Bandra East area. For that company has partnered Radius Developer. In this JV, DB Realty has retained 51% stake in the project, while Radius Developers will own the rest.

Varun,

3rd July 2015