Mumbai based real estate conglomerate Shapoorji Pallonji Real Estate and investment firm PAG are gearing up to revive an ultra-luxury residential complex in Mahalaxmi, Mumbai. The project Minerva was launched by Lokhandwala Kataria Constructions in 2010 but eventually stalled on account of not being able to procure the requisite construction approvals for the planned FSI in a timely manner. Shapoorji Pallonji Real Estate will now take over branding, sales, and marketing for the project.
Mumbai based real estate conglomerate Shapoorji Pallonji Real Estate and investment firm PAG are gearing up to revive an ultra-luxury residential complex in Mahalaxmi, Mumbai. The project in question is called Minerva and was launched by Lokhandwala Kataria Constructions in 2010. However, after some time the project stalled on account of not being able to procure the requisite construction approvals for the planned FSI. The project was initially funded by Indiabulls Housing Finance. Shapoorji Pallonji Real Estate will now take over branding, sales and marketing for the project.
Lokhandwala Minerva is in South Mumbai’s popular neighbourhood adjacent to the Mahalaxmi Racecourse. Residents of the complex can enjoy uninterrupted views of the Arabian Sea and Mahalaxmi Racecourse. The project consists of a 91-storeyed residential tower that is over 300 meters tall and has a saleable area of about 1.2 million square feet. The project has a total of 372 apartments, and has received a partial occupancy certificate up to the 51st habitable floor. The project is nearing completion and over 200 homebuyers are expected to move in in the coming months. The project has a revenue potential of over 1,400 crores. Investors in the project include Indiabulls Housing Finance, SPRE, PAG and Shapoorji Pallonji Real Estate.
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