Adani Realty is preparing its biggest real estate project so far. It will build a large township near the upcoming Navi Mumbai International Airport, which is also being developed by the Adani Group.
The new township will be located in Panvel. It will cover more than 1,000 acres of land. This makes it larger than Adani’s 600-acre Dharavi redevelopment project in Mumbai.
The project is expected to be developed in phases. It will take more than 10 years to complete. The total investment is expected to be over INR 10,000 crore.
The new township is currently called Adani Panvel. It is inspired by Adani Realty’s earlier township called Shantigram. Shantigram was launched in Ahmedabad in 2010. The new project is planned as a modern version of that township but four times more expensive.
Work on the ground has already started. However, the official launch will only happen after the Navi Mumbai International Airport opens.
The company is finalising its sales plan. It is planning which types of homes, plots, or products should be launched first. The goal is to create strong interest right from the start.
As per sources, the company is also working on getting the required approvals. It is building key infrastructure before launching the project publicly. A new road will be built to connect the township to the nearby highway.
Navi Mumbai’s real estate sector is seeing major growth. Big infrastructure projects are making the area more valuable. One of them is the 22-kilometre Mumbai Trans Harbour Link. It connects Mumbai and Navi Mumbai.
The Navi Mumbai International Airport is being built by Navi Mumbai International Airport Ltd. This is a joint venture between Adani Airport Holdings Ltd and Cidco. Adani holds a 74% stake in this project.
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