Dosti Realty forays into redevelopment, plans Rs 1,000 cr investment to build portfolio
Dosti Realty is foraying into the business of housing society redevelopment and is looking to invest over Rs 1,000 crore over the next 2-3 years to build its portfolio under this segment, said a top official of the company.
As its maiden project involving redevelopment work, the company has secured rights to redevelop a large housing society spread over a prime 2.5-acre land parcel in Thane’s Louis Wadi locality.
In addition to this project, Dosti Realty is also in the process of finalising two key cluster redevelopment projects in Mumbai.
“Dosti Realty has so far focussed on greenfield large township projects…The acquisition of rights to redevelop this society in the heart of Thane is a part of the growth strategy of the company and to expand its development portfolio by foraying into the redevelopment space on a larger scale.
We are aggressively looking at prime society redevelopment across the Mumbai Metropolitan Region,” Deepak Goradia, CMD, Dosti Realty, told ET.
The developer has been known for picking up large scale greenfield developments in Mumbai Metropolitan Region. The company’s most recent project Dosti West County is spread over around 105 acres and Dosti Greater Thane spread over 125 acres.
As part of the group’s first redevelopment project, the company is planning to undertake a premium residential project on this plot with a built up area of over 6.5 Lakh sq ft.
“Our investment in the redevelopment projects will primarily focus on tenant resettlement, construction, and necessary approvals.
