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Rs 10 bn to be invested by Avighna Group to develop towers in Mumbai

2023-05-09

Avighna Group, a real estate developer located in Mumbai, has announced plans to expand its residential portfolio by building two ultra-luxury residential towers in Worli, Mumbai, with an initial expenditure of Rs 10 billion. The combined saleable area of the two towers, a 17-storey tower and a 35-storey skyscraper will be close to 2,000 square feet. According to a statement from the corporation, internal accruals will be used to pay for the projects instead of external borrowing or institutional finance. Avighna House, a commercial project at Worli Naka, a 19-storey Grade-A office skyscraper, was recently finished by the firm.

"The investment approach is aligned with Avighna's process of taking up select projects with defined deadlines and quality parameters," said Nishant Agarwal, Managing Director, Avighna Group. The architectural and design aspects for both projects are complete, and suppliers from all over the world will provide the materials for the two high-end projects.

Both residential and retail space will be found in the tower. Both projects will have luxurious residences with 3, 4, and 5 bedrooms. Both of the new projects will include top-notch amenities and luxurious features in addition to industry-leading sustainability measures, such as energy-efficient building and maintenance, resource conservation, and low carbon footprint development. While Worli has always demanded a premium price due to its enviable location and easy access to the best infrastructure and amenities, according to Agarwal, the impending coastal road and the Metro services would further solidify Worli's image as a desirable address.

Our two next projects will reset the standards of high-quality development in the region, he said, citing Worli's metamorphosis into a thriving commercial and residential neighbourhood as an excellent example of sustainable urban redevelopment. The group is a pioneer in creating historic projects in Mumbai for the past 21 years and has a wide portfolio of luxury residential, commercial, retail, and mixed-use complexes.