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Mumbai-based Dosti Realty ventures into redevelopment, securing rights for a Thane project with a revenue potential of Rs 430 crore. Situated near the Eastern Express Highway, the 1 lakh sq ft land parcel boasts a cumulative estimated development potential of 3.10 lakh sq ft. Of the 3.10 lakh sq ft potential, 2.10 lakh sq ft is available for sale. Marking Dosti Realty's maiden redevelopment endeavour, the project encompasses rehab, sale, podium, and basements, with a launch planned for FY 2024-25 and an estimated completion by end 2027.
Dosti Realty has secured rights for the Thane housing society spread over a prime 2.5-acre land parcel in Louis Wadi. The project is expected to yield a revenue potential of Rs 500 crore. It will start in the coming year and conclude by 2027. Alongside the Thane project, Dosti Realty is finalizing two cluster redevelopment projects in Mumbai. Dosti Realty plans to launch two projects this fiscal year and four in the next.
Dosti Realty is renowned for large-scale greenfield developments, and it is venturing into the redevelopment arena with investments over Rs 1,000 crore in housing society redevelopment. This move aligns with the company's growth strategy to expand its portfolio in the redevelopment space aggressively.
Dosti Realty's sales success is evident, with over 2,000 residential units sold in 2022-23 and over 3,000 units in the current fiscal year until October. The company emphasizes strategic financial stability, focusing on tenant resettlement, construction, and necessary approvals for redevelopment projects.
Over its four-decade history, Dosti Realty has delivered 129 properties, encompassing a portfolio of over 11.70 million sq ft. Currently, it is constructing over 21 million sq ft in the Mumbai Metropolitan Region and Pune across residential, retail, IT parks, and educational segments. The Maharashtra government's decision to exempt stamp duty for members undergoing redevelopment is expected to further boost such projects in key cities of the state, addressing the challenges posed by limited vacant land parcels in Mumbai and its peripheral areas.
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