Vihang Group, a prominent real estate developer headquartered in Thane, has recently unveiled four residential projects. These projects, boasting a combined deliverable area of 5 million square feet, present a substantial revenue potential of Rs.2,000 crore.
These projects are strategically located in diverse micro markets within Thane, forming an integral part of the Mumbai Metropolitan Region. Vihang Group is set to make a significant investment of Rs.850 crore in these developments. This funding will be sourced through a combination of equity, bank loans, and customer advances. Additionally, the group anticipates an additional expenditure of Rs.2,500 crore over the next five years to further enhance and complete these ventures.
The group boasts a commendable track record, having successfully completed over 20 projects, delivering more than 3 million square feet of real estate. Specializing in residential developments, Vihang Group caters to the market segment of aspirational homes, offering residences in the price range of Rs.45 to Rs.90 lakh. Vihang Sarnaik, the Director, expressed the group's commitment to creating aspirational spaces that epitomize sophistication and comfort. These homes are specifically designed for ambitious professionals and millennials who aspire to make Thane their residence of choice.
The upcoming projects by Vihang Group are anticipated to be completed and delivered by 2027. Within these developments, approximately 80 percent of the total space will be allocated for residential units. The remaining space has been designated for educational facilities, hospitality, and various other lifestyle activities. Notably, in the December quarter, the company achieved significant sales, with over 600 units successfully sold.