PNN
Mumbai (Maharashtra) [India], June 27: Mumbai-based developer Paradigm Realty has signed a redevelopment agreement for a development potential of over 2.5 million sq ft at Mahavir Nagar, Kandivali (W) , with an investment of Rs 200 crore through internal accruals. . Spread over a ~4 acre land plot in Mahavir Nagar, Kandivali (W), the project includes free-sale RERA carpets of up to one million sq ft and has a gross development value of close to USD 440 million (approx. INR 3,500 crore). .
Paradigm Realty's new project will involve redevelopment of over 9 societies, contributing to the creation of 600 residential units, with revenue expectations of INR 3500 Cr. The current cost per sq ft in Kandivali Mahavir Nagar for construction is INR 32 000 - 38,000 psf, reflecting the premium nature of this project with ready-to-move-in properties fetching over Rs 45,000.
Paradigm Realty plans to capitalize on the prime location of the plot, situated at the intersection of a 120-foot-wide link road and the 90-foot-wide Mahavir Nagar main road in Kandivali, creating a world-class premium gated community catering to the area's thriving business community.
Confirming the developments, Parth Mehta, CMD-Paradigm Realty, expressed excitement over the group's latest project. "We are delighted to enter into this agreement. Mahavir Nagar, with its rich heritage and thriving Gujarati and Marwari business community, is very attractive to us. This location resonates with the prestige of Carmichael Road and Altamont Road in South Mumbai. Mahavir Nagar "Until now we lacked a world-class, high-quality gated community, which residents aspired to. Our project will be similar to the designs in Worli or Prabhadevi, with the luxury of Uber and all the lifestyle amenities included."
Mehta added that Paradigm's vision is to bring the charm, exclusivity and style of South Mumbai to Mahavir Nagar, Kandivali (W) with this flagship and iconic development. "We aim to create a new direction on the Kandivali (W) skyline, and the project will be launched in the festive season of Q3 and Q4 of FY2025 and is expected to be completed within five years, in different phases" , said.
Paradigm Realty has a strong presence in the western suburbs, particularly Borivali, with three projects delivered, including 3,000 homes. Recently, the company inaugurated Paradigm Anantaara, a luxury hallmark and one of the tallest buildings in Shimpoli, Borivali, located very close to the new Mahavir Nagar project.
Mehta sees phenomenal traction in India's luxury market and is excited to enter this space. Additional announcements from Paradigm Realty are anticipated in Q2FY25, especially in premium areas such as Bandra.
About Paradigm Realty: Paradigm Realty is a prominent player in the suburban real estate market of the Mumbai Metropolitan Region. The company has built an excellent track record over the past 8.5+ years of operation and has earned a reputation for timely delivery, superlative spatial planning and excellent craftsmanship with its cutting-edge projects at a competitive price. These projects showcase design efficiency, pragmatic functionality and elegance while protecting the environment by primarily prioritizing the wish list of their stakeholders i.e. the need of home seekers and driving sustainability for each member. Under CMD Parth K. Mehta's leadership, Paradigm Realty has risen to the status of a reputed brand, serving over 3000 happy families and demonstrating an impressive ability to execute approx.
Mumbai (Maharashtra) [India], June 27: Mumbai-based developer Paradigm Realty has signed a redevelopment agreement for a development potential of over 2.5 million sq ft at Mahavir Nagar, Kandivali (W) , with an investment of Rs 200 crore through internal accruals. . Spread over a ~4 acre land plot in Mahavir Nagar, Kandivali (W), the project includes free-sale RERA carpets of up to one million sq ft and has a gross development value of close to USD 440 million (approx. INR 3,500 crore). .
Paradigm Realty's new project will involve redevelopment of over 9 societies, contributing to the creation of 600 residential units, with revenue expectations of INR 3500 Cr. The current cost per sq ft in Kandivali Mahavir Nagar for construction is INR 32 000 - 38,000 psf, reflecting the premium nature of this project with ready-to-move-in properties fetching over Rs 45,000.
Paradigm Realty plans to capitalize on the prime location of the plot, situated at the intersection of a 120-foot-wide link road and the 90-foot-wide Mahavir Nagar main road in Kandivali, creating a world-class premium gated community catering to the area's thriving business community.
Confirming the developments, Parth Mehta, CMD-Paradigm Realty, expressed excitement over the group's latest project. "We are delighted to enter into this agreement. Mahavir Nagar, with its rich heritage and thriving Gujarati and Marwari business community, is very attractive to us. This location resonates with the prestige of Carmichael Road and Altamont Road in South Mumbai. Mahavir Nagar "Until now we lacked a world-class, high-quality gated community, which residents aspired to. Our project will be similar to the designs in Worli or Prabhadevi, with the luxury of Uber and all the lifestyle amenities included."
Mehta added that Paradigm's vision is to bring the charm, exclusivity and style of South Mumbai to Mahavir Nagar, Kandivali (W) with this flagship and iconic development. "We aim to create a new direction on the Kandivali (W) skyline, and the project will be launched in the festive season of Q3 and Q4 of FY2025 and is expected to be completed within five years, in different phases" , said.
Paradigm Realty has a strong presence in the western suburbs, particularly Borivali, with three projects delivered, including 3,000 homes. Recently, the company inaugurated Paradigm Anantaara, a luxury hallmark and one of the tallest buildings in Shimpoli, Borivali, located very close to the new Mahavir Nagar project.
Mehta sees phenomenal traction in India's luxury market and is excited to enter this space. Additional announcements from Paradigm Realty are anticipated in Q2FY25, especially in premium areas such as Bandra.
About Paradigm Realty: Paradigm Realty is a prominent player in the suburban real estate market of the Mumbai Metropolitan Region. The company has built an excellent track record over the past 8.5+ years of operation and has earned a reputation for timely delivery, superlative spatial planning and excellent craftsmanship with its cutting-edge projects at a competitive price. These projects showcase design efficiency, pragmatic functionality and elegance while protecting the environment by primarily prioritizing the wish list of their stakeholders i.e. the need of home seekers and driving sustainability for each member. Under CMD Parth K. Mehta's leadership, Paradigm Realty has risen to the status of a reputed brand, serving over 3000 happy families and demonstrating an impressive ability to execute approx.
