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Meghna Infracon Infrastructure Ltd has launched a commercial development at Wagle Estate in Thane, within the Mumbai Metropolitan Region (MMR), with an estimated revenue potential of INR 300 crore. The project, named Meghna One, will have a developable area of approximately 2.8 lakh sq ft and will comprise premium office, retail and hospitality spaces. The launch forms part of the company's expansion in the commercial real estate segment, targeting one of MMR's established business districts, where demand for integrated commercial developments has remained steady.
Meghna Infracon Infrastructure Ltd has launched a new commercial development in Thane's Wagle Estate, with an estimated revenue potential of INR 300 crore, strengthening its presence in the Mumbai Metropolitan Region's commercial real estate market.
The Mumbai-based real estate developer announced in a regulatory filing on Monday that the project, named Meghna One, will be developed over approximately 2.8 lakh sq ft at Wagle Estate, one of Thane's established commercial and industrial hubs.
According to the company, the development will comprise a mix of premium office spaces, organised retail units and hospitality facilities, creating an integrated commercial destination within the Mumbai Metropolitan Region.
Meghna Infracon has estimated that the project will generate revenue of around INR 300 crore upon completion and sale or leasing of the commercial spaces.
The launch reflects the company's continued focus on expanding its commercial real estate portfolio in locations that have witnessed sustained demand from businesses seeking office and mixed-use developments outside Mumbai's traditional central business districts.
Wagle Estate has emerged as a significant commercial destination in recent years, attracting occupiers across information technology, manufacturing, engineering, financial services and other sectors due to its connectivity with Mumbai and other parts of the Mumbai Metropolitan Region. The locality has also seen increasing commercial redevelopment activity supported by improvements in infrastructure and transportation.
The inclusion of office, retail and hospitality components within a single project is intended to cater to a range of occupier requirements, including corporate offices, consumer-facing businesses and hospitality operators.
Meghna Infracon did not disclose the project's construction timeline or expected completion schedule in its regulatory filing. However, the company stated that Meghna One has a total developable area of approximately 2.8 lakh sq ft and represents a revenue opportunity of INR 300 crore, adding to its commercial development pipeline in the Mumbai Metropolitan Region.
Source - PTI
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