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Ashar Group redefines MMR Redevelopment Projects with speed, quality and transparency

November 01, 2022 23:45 IST | ANI Press Release
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Ashar Group

Mumbai (Maharashtra) [India], November 1 (ANI/BusinessWire India): Slum Redevelopment and Society Redevelopment is a pipe dream for thousands of people living in dilapidated housing structures in the MMR.

In a city where land is scarce and land price is skyrocketing, brownfield projects are the only options available for the city to accommodate an average daily migration of 200 people in Mumbai.

The case for redevelopment is more urgent because more than 50 per cent of Mumbai's land is still underutilised, out of which slums occupy 24% percent of the land. The rest of the land for redevelopment lies with the housing societies and various government authorities like Bombay Port Trust, Indian Railways, Airport Authority etc.

Besides, more than 50,000 buildings in MMR are dilapidated, and astonishingly half of such structures are situated in the heart of the financial capital and its near suburbs. Redevelopment is yet to yield the intended outcomes despite various legislative initiatives by the Maharashtra government and financial support from the banking sector. Today, finding a solid and reliable developer is one of the critical challenges faced by all stakeholders, especially the housing society. The most vital factor in successfully implementing and executing redevelopment is the selection of a good developer.

Speaking about their successful redevelopment experience in one of the most affluent areas of Mumbai, Aftab Sheik from Navroze Housing Society at Pali Hill said, "We are extremely pleased with how our developer Ashar Group transformed our old Navroze into one of India's most sought-after addresses. Today, it is renowned for offering an iconic lifestyle and setting new standards for redevelopment in Pali Hill with its uber-luxury high-construction quality." At Rs. 1.35 Lakhs per square foot, Ashar Navroze has recorded one of Mumbai's highest-value deals in recent history.

According to registry information, a 5000 square feet sea view flat has been sold for Rs. 66 crores. Navroze distinguishes itself with its columnless floor plate, panoramic sea views, and stone-cladded facade.

The other redevelopment project by the Group is the under-construction luxury tower called Ashar Titan in Ghatkopar.

Mahesh Madhani from Ghatkopar's Mahavir Jyot Society highlighted why they thought Ashar would be the better developer for the redevelopment. "Before choosing a developer, we conducted extensive research through our consultants and felt that Ashar is one of the most dependable partners in MMR for redevelopment.

They have accommodated all our requests from cross ventilation to surface car parks and have the most committed team of specialists who ensure consistent and straightforward communication with the society." The tenants vacated the premises in April 2022, and demolition started in May 2022. Ashar Titan has already completed five slabs in 4 months and is on track to deliver the keys before schedule.

The rebuilding of large housing societies with numerous residents is usually tricky due to the complexities of tenant demands and unanimity in society. However, Ashar Group has become a favourite among Kalwa residents for bringing the tallest tower of Kalwa through one of the largest redevelopments in Thane.

Mahesh Pen, Chairman of NMM Housing Society, expressed a similar view about their experience working with Ashar Group. "NMM was one of the largest housing societies in Kalwa. When we decided to go for redevelopment, we were only looking for three things from a developer: reputation, timely execution capability and financial stability. With their Zero RERA complaint track record and goodwill, Ashar Group got an almost unanimous vote during the tendering stage." He is optimistic about the current development at the site and expressed confidence that the developer will deliver their homes before schedule.

With its continued success of 1.5 million sqft construction work in the society redevelopment segment, Ashar Group has now entered SRA redevelopment with a new 2 million sqft project in Thane's most prime location - Majiwada.

The project was stuck for over eight years before Ashar Group acquired it in June 2022 and is now on track to launch this November. Ashar Group's triumphant foray into slum redevelopment is an important milestone, particularly in light of the fact that more than 500 SRA projects have failed to take off in the past 15 years. According to recent SRA data, more than a lakh slum inhabitants have been impacted by these "dead" projects.

This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article. (ANI/BusinessWire India)

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