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Savvy Group is making a significant move into the Mumbai property market and is poised to take advantage of the growing demand and sales momentum. With its experience in real estate development and its plan to invest over INR 2,000 crore, the company is well-positioned to make a significant impact in the market over the next few years
Savvy Group, an Ahmedabad-based real estate developer, is expanding into the Mumbai property market and plans to invest more than INR 2,000 crore ($274 million) over the next few years. To start, Savvy Group will invest around INR 750 crore to develop two projects it has recently acquired: a mixed-use project and a residential redevelopment project in the city's western suburb of Andheri and the central suburb of Ghatkopar, respectively.
The Andheri project, called Merushikhar, will be a mixed-use development that includes commercial and residential units with a total construction area of 100,000 square feet. The company plans to develop apartments with one, two, and three-bedroom configurations, as well as retail and commercial units on the ground and first floors. On the other hand, the Ghatkopar project will be a premium residential development with large three and four-bedroom apartments. It will have a total construction area of over 200,000 square feet.
Savvy Group has already completed more than 25 projects across various segments, including townships, residential, commercial, retail, golf, special economic zones, and hospitality. The company currently has projects spread over 3 million square feet under various stages of development, including a 60-acre sports-living township in the heart of Ahmedabad and a golf-centric township spread over 900 acres on the outskirts of the city.
The Mumbai property market has been attracting several prominent real estate developers due to strong demand, sales momentum, and the potential for robust returns. The market set new benchmarks in 2022 with real estate transactions nearly every month, despite rising mortgage rates and property prices. Annual property registrations during the year exceeded 121,000 deals, the highest ever, even without the support of lower stamp duty offered by the state government during the pandemic. The trend continued in January, which was the second-best January in terms of number of registrations and the best in terms of stamp duty collections.
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