Thane-based Vihang Group is set to invest over Rs 850 crore in four real estate projects spanning 5 million sq ft to meet the housing demands of Thane. Emphasizing a revenue potential exceeding Rs 2,000 crore, the developments aim to offer aspirational living for millennials. Vihang Group, committed to sustainability, plans to fund the projects through a mix of equity, working capital, and customer advances, targeting completion by 2027. With 80% focused on residential spaces and 20% on lifestyle, hospitality, and education, the initiative aligns with the evolving preferences of Thane's housing market, marking a strategic expansion.
Vihang Group, a prominent real estate brand based in Thane, is set to invest over Rs 850 crore in four ambitious projects to provide housing solutions that align with the city's evolving needs. These projects, spanning various micro-markets in Thane, aim to introduce over 5 million sq ft, projecting a revenue potential surpassing Rs 2,000 crore. Director Vihang Sarnaik emphasized the company's commitment to crafting aspirational spaces catering to professionals and millennials. The strategic move reflects a dedication to fostering a lifestyle ecosystem in Thane, blending sophistication, comfort, and sustainability.
Sarnaik outlined the funding structure, indicating that the Rs 850 crore investment would be sourced from a combination of equity, working capital, and customer advances. The company aims to complete these projects before 2027, allocating a substantial 80% to residential spaces, ensuring an attractive and reasonable pricing strategy coupled with an optimal lifestyle ecosystem. The remaining 20% will be dedicated to lifestyle, hospitality, and educational spaces, indicating a comprehensive and diversified approach to real estate development.
Detailing ongoing projects, Sarnaik highlighted the diversity within Vihang Group's portfolio, encompassing integrated townships, greenfield developments, and redevelopment projects in Thane. The company anticipates an additional expenditure of Rs 2,500 crore over the next five years, emphasizing a forward-looking strategy to meet emerging demands.
The announcement coincides with a robust response from the Thane market, particularly in the last quarter, where Vihang Group achieved the sale of over 600 units within a mere 90 days. This success underscores the resonance of the company's offerings in the current real estate landscape, reflecting a strong demand for mid-income residential spaces. Beyond Thane, Vihang Group has a notable presence in emerging micro markets of the Mumbai Metropolitan Region (MMR), such as Mira-Bhayander and Titwala, addressing the diverse housing needs across the city.
The surge in interest is particularly notable in Vihang Group's aspirational housing product range, priced between INR 45 lakh to INR 90 lakh. This price segment indicates a rising demand for quality living spaces among mid-income homebuyers. Additionally, the company observed a shift in preferences among millennials, emphasizing a desire for residences that seamlessly integrate with modern lifestyles, encompassing sophistication, eco-friendly living, and community well-being.
Vihang Group's strategic move to invest significantly in Thane's real estate market, coupled with their commitment to sustainability and community-centric development, positions them as a key player in the evolving landscape. The company's proactive approach to meeting the demands of ambitious professionals and millennials reflects a vision that extends beyond mere housing, aiming to create holistic living experiences in harmony with the city's future development.
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