Mumbai 9th January 2024. Vihang Group, a leading and homegrown real estate brand from Thane, has unveiled four real estate projects with a substantial investment of over INR 850 crore to cater to the housing aspirations of Thane. The upcoming projects in various micro-markets of Thane aim to introduce over 5 million sq ft, emphasizing a revenue potential of over INR 2,000 crore, and will cater to the aspirational housing segment of Thane.
While speaking on the development, Director Vihang Sarnaik of Vihang Group expressed, “We are dedicated to crafting aspirational spaces that embody sophistication and comfort for ambitious professionals and millennials who want to call Thane their home. In this pursuit, our vision is not just to offer homes but to create a lifestyle ecosystem in Thane that will align with the city’s future development and offer desirable and conceptualized living for home buyers.”
“As a responsible brand that was part of Thane’s growth story, we are adapting to the consumer-driven market by providing impetus to sustainability, eco-friendly living and community wellbeing by offering housing as a service industry model at a rational and competitive pricing. Our upcoming projects are strategically aligned to cater to the aspiring class and millennials, reflecting the company’s unwavering commitment to providing exclusive living experiences that epitomise modernity and affordability,” he added.
Sarnaik further revealed that the funding for the forthcoming projects, amounting to INR 850 crore, will be derived from a blend of equity, working capital, and customer advances. With an eye on future, the company plans to complete these developments before 2027, with a substantial 80 percent of the projects dedicated to residential spaces at an attractive and reasonable price with the best lifestyle ecosystem. The remaining 20 percent of the development will be on lifestyle, hospitality and educational spaces.
Sarnaik also shed light on the intricacies of the ongoing projects, revealing diversity within their portfolio, which includes integrated townships, greenfield development and redevelopment projects in Thane. The company also anticipates an additional expenditure of INR 2,500 crore over the next five years. Additionally, the company has a good presence in other emerging micro markets of the MMR, like Mira-Bhayander and Titwala, catering to the diverse housing needs across the city.
The announcement comes amidst a highly encouraging response from the Thane market, particularly in the last quarter, where they have sold over 600 units in a mere 90 days.
Vihang Group has witnessed a surge in interest, especially in their aspirational housing product range between INR 45 lakh to INR 90 lakh segments, indicating a growing demand for mid-income residential spaces. The company has also noted a shift in preferences among millennials, emphasising a desire for quality living spaces that align with modern lifestyles.