SPRE gets mandate from Lokhandwala Kataria Construction to market Rs 1,500-cr luxury homes in Mumbai

This ultra-luxurious project is financed by Indiabulls Housing Finance Ltd and PAG, a leading APAC-focused investment firm, the company said in a statement.With a saleable area of 11.6 lakh square feet, a revenue potential of over INR 1,500 crore is expected for the balance inventory, it added.Many celebrities and businessmen have already purchased homes in the opulent Minerva project.

Realty firm Shapoorji Pallonji Real Estate (SPRE) on Wednesday said it has been appointed as the project marketing consultant in an ongoing luxury residential project in South Mumbai being developed by Lokhandwala Kataria Construction.

The project Minerva comprises a 91-storey and over 300-metre-tall building overlooking the Mahalakshmi Racecourse and the Arabian Sea. The ultra-luxurious project has 372 apartments, of which 200 units are already completed and being handed over to customers.

The revenue potential of the remaining residential inventories is estimated at over Rs 1,500 crore.

''SPRE has been appointed by Lokhandwala Kataria Construction as a project marketing consultant. This ultra-luxurious project is financed by Indiabulls Housing Finance Ltd and PAG, a leading APAC-focused investment firm,'' the company said in a statement.

''With a saleable area of 11.6 lakh square feet, a revenue potential of over INR 1,500 crore is expected for the balance inventory,'' it added.

Many celebrities and businessmen have already purchased homes in the opulent Minerva project. The project has received part OC (occupancy certificate) up to the 51st habitable floor, and over 200 home buyers will soon be moving in, the statement said. The rehabilitation component of the project is also nearing completion.

Venkatesh Gopalkrishnan, CEO, Shapoorji Pallonji Real Estate, said, ''This project aligns with our strategy of expanding our presence in the ultra-luxury segment. With Indiabulls Housing Finance and leading investment firm PAG as the financial partners for Minerva, this project gains a lot of confidence." Ali Lokhandwala, MD, Lokhandwala Kataria Construction Pvt Ltd (LKCPL), said the company has ''conceived and built this superstructure, India's tallest tower, a national landmark putting India on the global list of skyscrapers.'' Shapoorji Pallonji Real Estate, which is part of Shapoorji Pallonji Group, is one of the leading real estate firms in the country.

With a development potential of over 113 million square feet, SPRE has made inroads into most Indian cities -- Mumbai, Pune, Bangalore, Gurugram, and Kolkata -- with a variety of developments, from luxury apartments and opulent residences to aspirational homes for mid-income homebuyers as well as one of the largest mass housing projects in India, the statement said.

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