Avighna Group to invest Rs 1,000 crore to develop towers in Mumbai

The two projects will be funded through internal accruals, without seeking any external borrowings or institutional funding, the company said in a statement

Mumbai-based real estate developer Avighna Group has announced expansion of its residential portfolio with plans to develop two ultra-luxury residential towers in Worli, Mumbai by outlying an initial investment of Rs 1,000 crore. 

The two towers — a 17-storey tower and a 35-storey tower — will collectively have a saleable area of around 2,00,000 square feet. The projects will be funded through internal accruals, without seeking any external borrowings or institutional funding, the company said in a statement. The group recently completed the 19-storey Grade-A office building Avighna House, a commercial project at Worli Naka.  

In 2020, Avighna Group notched sales of almost Rs 400 from One Avighna Park, emerging among Mumbai’s top-selling luxury home developers.

Nishant Agarwal, managing director, Avighna Group, said, “The investment approach is aligned with Avighna’s process of taking up select projects with defined deadlines and quality parameters. The architectural and design elements for both projects have been finalized and the materials for the two premium projects will be sourced from specialists around the world.”

The 17-storey building consists luxury residences and while the 35-storey

the tower will have residential and retail units. Both projects will have luxury homes in configurations of 3, 4 and 5 bedrooms. Both the new projects will have best-in-class amenities and luxury features, as well as benchmark sustainability initiatives – right from energy-efficient construction and maintenance to resource conservation and minimum carbon footprint.

Agarwal further said while Worli, with its prime location and access to the finest infrastructure and amenities, has always commanded a premium, the upcoming coastal road and the Metro services will further strengthen Worli’s reputation as an address of choice. 

The transformation of Worli into a vibrant business and residential district is a fine example of sustainable urban renewal, and our two upcoming projects will redefine the benchmarks of quality development in the area, he said.

The group has a diverse portfolio of luxury residential, commercial, retail and mix-use developments and is a pioneer in making landmark projects in Mumbai for the past 21 years.