Rustomjee won Rs. 5000 crore Abhyudaya Nagar project

Q: The Abhyudaya Nagar redevelopment scheme is one of the biggest group redevelopment projects in Mumbai.

Bulbul Verma,

3rd November 2015

Real estate News in Mumbai

rustomjee developers

abhyudaya nagar redevelopment

redevelopment in south mumbai

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Replies (3)

What is the current status of the project? Out of all the apartments newly constructed, how much is saleable to outsiders and how much allocated to Abhyudaya members?

Yash Jain, Mumbai

11th June 2017

Comment

Developer is quite happy to get the majority of housing societies trust. It indicates that people believe in their work and brand, which they have developed over a period of time. But still, there are government approvals and other NOCs have to secure by the builders. They are very confident that they will complete the project on time.

Santosh TR,

3rd November 2015

Comment

Hi Santosh,
Besides Rustomjee, Ornate Group Consortium with Tata Housing, DB Realty and Omkar Developers participated in the bid.

To win the whole project, a developer needs the support of at least 25 societies. There was extreme jostling among developers to grab the project.

Rajiv,

3rd November 2015

You are right Rajiv,
Developers used all their tricks in the trade to get this project. Abhyudaya Nagar, consisting of 48 buildings and 3238 residential tenements. It is located in a prime land in central Mumbai.

Santosh TR,

3rd November 2015

But it is heard that Ornate Group had objected to Rustomjee's participation as it has submitted a conditional bid that was violated norms.

As per Ornate Group, Rustomjee had promised 530 sq-ft of carpet area and an additional 50 sq-ft, if Mhada approves its plan.

Rajiv,

4th November 2015

Yes, the company has won the 33-acre Abhyudaya Nagar redevelopment project in south Mumbai. it is expected that the redevelopment worth Rs 5000 crore. By getting the majority of approval 26 out of the 48 co-operative housing societies.

Santosh TR,

3rd November 2015

Comment

Right Santosh,
The Abhyudaya Nagar redevelopment scheme is one of the biggest group redevelopment projects in Mumbai. Out of the 48 housing societies, 30 chose their developers from the short-listed 4. While 26 societies preferred Rustomjee Developers, 3-chose Ornate and 1 did not take any decision.

Ramesk Polekar, Mumbai

3rd November 2015