Squarefeet Group to invest Rs 300 crore on new housing project in Mumbai; eyes Rs 750 crore revenue

New Delhi, Mar 26 (PTI) Realty firm Squarefeet Group will invest around Rs 300 crore to develop a housing project at Thane in Mumbai Metropolitan Region (MMR).

The company plans to develop about 1,000 flats in this 3-acre project named 'Yuva Rajya' and is targeting a revenue of Rs 750 crore over the next 4-5 years.

Sachin Marani, Director of Squarefeet Group, said the company has launched around 300 apartments in the first phase and out of that 100 units were sold on the first day of the launch.

"The total project cost is Rs 250-300 crore, while the sales realisation is estimated at Rs 750 crore," he said, adding that the company is targeting millenials for this affordable luxury project.

The construction work has already started and the project will be delivered over the next four years.

Mumbai-based Squarefeet Group has already completed more than 5,000 flats across various projects in Thane and is currently developing many projects.

Housing sales have been very growing post-Covid pandemic on strong demand.

According to PropTiger data, housing sales in Mumbai Metropolitan Region (MMR) rose 29 per cent to 1,41,480 units last year from 1,09,677 units in the 2022 calendar year. PTI MJH HVA