Dynamix Group to launch three new property projects in Mumbai this year

Residential and commercial property developer Dynamix Group on Tuesday said it will launch three new projects in Mumbai this year, which will attract Rs 1,050 crore of capital over the course of their development.

The Mumbai-based developer earned Rs 330 crore in top line in FY21, but the same rose more than three-fold to Rs 760 crore in FY22.

The company's director and promoter's son Jay Goenka has set a target of taking the revenue past the Rs 1,000 crore-mark in FY23. His optimism comes from near complete pre-sale of his projects even during the COVID-19 pandemic.

The developer has delivered 30 million square feet of residential space to 30,000 homebuyers across Mumbai, Thane and Goa, and has 3.2 million square feet more under development across six projects in and around Mumbai.

The underdevelopment projects, which involve Rs 1,800-2,000 crore investments and a realisable revenue of around Rs 3,000 crore, include two in Malad (2.2 million square feet) and one each in Thane, Dahisar, Mira Road (in association with Kalpataru) and villa project in Goa, Goenka told PTI.

Apart from these six ongoing projects, the group will be launching three new projects in and around Mumbai, which will involve an investment of over Rs 1,050 crore, he said.

He said the company is sitting on 30 land parcels, and those will be developed under the provisions of the Slum Rehabilitation Authority. "Going forward our focus will only be SRA projects," Goenka said.

Giving a break-up of the investment plans, he said the company will invest close to Rs 350 crore this fiscal to launch three new projects in Goregaon, Malad and Kandivali, subject to receiving approvals from the authorities and the rest of the investments will be incremental in these projects.

The developer has recently launched a residential project in Dahisar with an investment of Rs 105 crore. Despite the pandemic, Dynamix has managed to sell almost all the units of this project, Goenka claimed.

In 2021 it plans to deliver 75 units in its Aldeia de Goa project in Goa, which is spread across 143 acres. It has launched close to 1,100 units since 2021 and they will be ready for possession by FY24. The Goa project is a mix of plots, villas and apartments, he said, adding the company has so far delivered 250 apartments.

The Goregaon project is planned to address the market for commercial office space to cater to small and large office owners.

While the upcoming Andheri project has 2BHK and 3BHK homes, Malad project will offer 1BHK and 2BHK units. Its other residential developments include Gokuldham and Yashodham in Goregaon (east).