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Real estate developer Square Feet Group has announced that it will invest around INR 300 crore to develop a new housing project in Thane, located in the Mumbai Metropolitan Region (MMR). The project, named 'Yuva Rajya', will consist of approximately 1,000 flats spread across 3 acres of land. Square Feet Group expects to complete the project over the next 4-5 years.
'Yuva Rajya' caters to millennials and is situated in Kolshet, opposite the Grand Central Park in Thane. While the current phase utilizes 3 acres, Square Feet Group aims to develop over 20.5 acres in the area in the near future.
In the first phase launch, the company released around 300 apartments, of which 100 units were sold within the first 6 hours on the opening day of booking. The total project cost is estimated at INR 250-300 crore, with anticipated sales realization of INR 750 crore. Construction has already begun and the project is scheduled for full delivery in 4 years.
Square Feet Group has previously completed over 5,000 flats across various projects in Thane. It is currently developing several other residential ventures. The company has a strong foothold in emerging MMR locations like Sheel Road, Kalyan, Bhiwandi and Ambernath, catering to affordable housing needs.
Earlier, Square Feet Group announced plans to invest INR 1,500 crore across four real estate ventures in Thane, including 'Yuva Rajya'. These projects aim to create over 5 million square feet of premium residential and commercial space valued at an estimated INR 3,500 crore in projected revenue. Catering to luxury, mid-income and millennial segments, the ventures are tailored for Thane's housing market.
The company plans to complete these developments by 2027, with 70% of the space devoted to residential developments featuring premier lifestyle amenities. The remaining 30% will comprise commercial and retail areas.
Sachin Mirani, Square Feet Group director, stated the goal is to provide homes and build lifestyle communities aligned with Thane's future growth. He also added that, as a responsible stakeholder in Thane, the group is adapting to the consumer-driven market with an emphasis on sustainability, eco-friendly living and community well-being.
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