Satra Group plans INR 1,000cr realty push for Mumbai

The Mumbai-based Satra Group, which has a strong presence in the real estate sector vide its subsidiary - Satra Properties -   has recently unveiled an ambitious plan to invest approx INR 1,000 cr - to develop real estate projects in Mumbai.

According to the Group CMD Praful Satra, who is also the newly-elected president of CREDAI, the apex body for private realty developers in India, the group's expansion plan for the next 5 years includes the development of approx 4mn sq.ft of space, delivering more than 1,000 residential units of commercial and residential space to the city.

As part of its initial foray, the company has already announced the launch of its ultra-luxurious residential project christened - Limited Edition 88  (LE88) - located close to the iconic Bandra-Worli Sealink. The INR250cr project has been conceptualised in response to the growing demand for luxury housing options in South and Western Mumbai, and is expected to accommodate about 81 well-heeled families on its completion.  

Strategically located at Bandra, a prominent Western suburb of the city - LE88 - is a 26-storeyed edifice which will comprise exclusive 4BHK apartments ranging from 382 sq.mtrs (4116 sq.ft.) to 405 sq.mtrs (4364 sq.ft). According to company sources, this premium tower project has the potential to garner revenues to the tune of approx INR550cr over a period of2-3 years on a consolidation basis.  

Overlooking the wide expanse of the Arabian Sea, LE88 includes a slew of contemporary amenities like a sundeck with attached plunge pool, private lifts with secured access for residents only, separate lifts for visitors and domestic helps, 3 levels of podium parking, designer air-conditioned entrance lobby, clubhouse with snooker, swimming pool, Jacuzzi, concierge service, business centre with Wi-Fi connectivity & secretarial assistance and a landscaped jogging track.

State-of-the-art security features here include biometric access, 32 cameras offering 24×7 CCTV surveillance, video-phone authorised entry for guests, a base station security patrol and a central monitoring system.

Apart from these amenities, apartments at LE88 will also feature the latest lifestyle comforts like a living room with Italian marble flooring and wooden flooring in the bedrooms, a state of the art modular kitchen with glass cook-tops, bathrooms with imported bathtubs and thermostatic controlled shower panel among others.

Showcasing a global look in terms of its style and scale, the project is a joint venture with Pyramid Developers and features interiors designed by the internationally acclaimed Singapore-based designers HBA, while the sample flats have been conceptualized and designed by Gauri Khan, the wife of popular actor Shah Rukh Khan.

Elaborating further on the project, Satra said, “We are extremely happy to add a new project in the heart of the city. It shall be our endeavour to deliver LE88 as a winning combination in terms of quality of the property, amenities and pricing.

“As a part of our strategy to expand and grow, we look forward to additional future opportunities with our other planned projects offering affordable residential flats in premium locations in Mumbai,” he added. “We expect these projects to deliver revenue of approx INR2,500cr over a horizon period of 4 to 6 years on consolidation basis.”

Stressing on the company’s focus to increase its profitability going forward, Satra said, “In the coming years, our focus will be on maximising the wealth of our shareholders, reducing finance costs, enhancing employee productivity and increasing innovation”.

Founded in the year 2002, the Satra Group, has successfully developed and delivered spaces of more than 2 million sq. ft thus far and has projected future development of an additional 7.5 million sq. ft of projects comparable to global standards and offering good value for money.