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Sri Lotus Developers and Realty has been appointed as the developer for a commercial-cum-retail redevelopment project in Mumbai's Juhu, with an estimated Gross Development Value (GDV) of INR 1,600 crore. The project will be undertaken through the company's subsidiary and involves the redevelopment of an established commercial shopping complex. The proposed development is expected to offer around 3.46 lakh square feet of carpet area. Construction is planned to begin in Q3 FY28, with completion targeted within three to four years from the commencement of work. The project further strengthens the company's redevelopment portfolio in Mumbai.
Sri Lotus Developers and Realty has announced that it has been appointed, through one of its subsidiaries, as the developer for a commercial-cum-retail redevelopment project in Juhu, Mumbai. The proposed project has an estimated Gross Development Value (GDV) of INR 1,600 crore, adding another redevelopment assignment to the company's portfolio.
The redevelopment will be carried out at one of Juhu's established commercial shopping complexes located in a prime part of the suburb. According to the company, the proposed development will comprise premium commercial and retail space with an estimated carpet area of approximately 3.46 lakh square feet.
The company said construction is expected to commence in Q3 FY28 and the project is targeted for completion within three to four years from the start of construction.
In its statement, the company indicated that commercial redevelopment is witnessing increasing interest across Mumbai's prime micro-markets as property owners look to modernise ageing developments, improve infrastructure and create spaces that meet current occupier requirements. It added that Juhu continues to remain an attractive commercial location because of its strategic position and limited supply of new developments.
Sri Lotus Developers primarily focuses on redevelopment and joint development projects across Mumbai, with a presence in the luxury residential as well as commercial real estate segments. The latest appointment expands its commercial redevelopment portfolio in one of the city's premium western suburbs.
Source Reuters
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