As reported by a top executive, real estate powerhouse Ranwal Group has entered the commercial real estate development market with a plan to build over 10.5 million square feet of office space for a preliminary investment of Rs 4,500 Cr over the following four years, including the purchase of land.
In phases, the company will construct 3 commercial real estate developments in Kanjurmarg, Dombivali, & Viman Nagar in Pune. Over 1 million square feet of these have already seen construction in the projects Runwal Commerz in Kunjurmarg & in Dombivali Runwal Edge.
In order to finance these developments, Runwal Group intends to use a combination of internal accounting & debt. The mixed-use complexes that incorporate upscale residential projects, sizable open green areas, and retail elements will include these campus-style developments.
“We are now entering the commercial development space after a strong accomplishment in the retail and residential market. The connectivity of the entire region is substantially changing as a result of the infrastructural expansion in and around Mumbai. The businesses in Mumbai and the nearby cities of Navi Mumbai, Thane, and Kalyan will benefit from these high-end office spaces”, according to Subodh Runwal, the managing director of the Runwal Group.
Runwal Commerz, which will make up a portion of the proposed development, will be located on a 13-acre land block that is a component of Runwal City Center, a 36-acre integrated township. Three towers and 3.5 million square feet of commercial space will be developed as part of this project.
The business purchased this 13-acre land in December 2021, at a short distance from the intersection of Mumbai Metro lines 4 and 6. Two residential towers for which the company has been granted an occupation certificate (OC) by the township are now being handed over.
The 115-acre of township project Runwal Garden would include Runwal Edge in Dombivali. Six towers will be built as part of this project over the course of three phases.
In this township, the corporation has already handed over five towers, and after receiving statutory Authorization last week, three more towers are presently being handed over. Since it began in 2019, they have sold over 9,000 flats in this project.
The project in Viman Nagar, a recognised commercial real estate micro market in Pune, would see the building of 1.5 million square feet on a 10-acre plot of company-owned property.
As per Runwal Group, the firm is constructing these initiatives with the “Walk to Work” idea of sustainable residing as the main focus, offering residents and tenants a variety of top-notch facilities as well as green surroundings close by.
