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realty major runwal group has descended into the development of commercial real estate with plans to develop over 10.5 million sq ft of office space with an initial investment of Rs 4,500 crore over the next four years, including land acquisition, a top company official said.
The company will develop a total of three commercial real estate projects in phases Mumbai‘S Kanjurmarg and Dombivli, and Viman Nagar in Pune. Of this, it has started work on about 1 million sq ft in its Kanjurmarg project, Runwal Commerge. runwall edge in Dombivli.
Runwal Group plans to invest in these developments through a mix of internal accruals and debt. These campus-style developments will be part of a mixed-use development comprising premium residential projects, large open green spaces and retail components.
“After a strong performance in the residential and retail segment, we are now venturing into commercial development. The infrastructure development in and around Mumbai is significantly changing the connectivity of the entire region. These premium office spaces in Mumbai and Navi Mumbai , will cater to businesses in the nearby areas of Thane and Kalyan,” Subodh Runwal, managing director, Runwal Group told ET.
Out of the total proposed development, Runwal Commerge will be spread over a 13-acre land parcel which is part of the 36-acre integrated township Runwal City Centre. The project will see a total of 3.5 million sq ft of commercial development across three towers.
The 13-acre plot near the interconnection of Mumbai Metro Line 4 and 6 was acquired by the company in December 2021. In the township, the company has received the Occupation Certificate (OC) for two residential towers and the handover work is currently underway.
Runwal Edge in Dombivli will be part of Runwal Gardens, a larger integrated township spread over 115 acres. A total of six towers will be developed in three phases in this project.
The company has already delivered five towers in the township and is in the process of handing over three more towers after getting the statutory OC last week. The developer has sold over 9,000 apartments in the project since its launch in 2019.
HDFC Capital was one of the major investors in Runwal’s Kanjurmarg and Dombivli township projects and is due for a complete exit in 2022. The group’s projects also include international investors including Apollo Global and KKR.
The project at Pune’s Viman Nagar, which is an established commercial real estate micro-market, will see 1.5 million sq ft of development on a 10-acre land parcel owned by the company.
According to Runwal, the company is designing these projects with ‘Walk to Work’ concept with sustainable living as the main focus, providing occupants and residents with an array of premium amenities along with lush green surroundings. Does
Runwal Group has already developed and delivered over 50 projects spread over 25 million sq ft in the Mumbai Metropolitan Region (MMR) and has over 23 million sq ft under construction.
New infrastructure projects and expected improvements in connectivity are already changing the commercial real estate landscape in and around Mumbai. New locations including Powai, Kanjurmarg, Vikhroli, Malad, Goregaon and Thane are witnessing a growing preference for offices among occupiers.
Infrastructure projects under development and coming up near these projects have increased the demand and offer the potential for an increase in commercial property rates. These include Goregaon-Mulund Link Road, Metro connectivity in Mumbai, Ahmedabad-Mumbai Bullet Train, Navi Mumbai International Airport etc.
A recent report states that the Rs 1.8 lakh crore transit infrastructure development in the Mumbai region is expected to unlock a development potential of over 136 million sq ft.
The Maharashtra government is working towards connecting major nodal centers in and around Mumbai and is preparing a special plan for the transport infrastructure of the metropolis keeping in mind the emerging needs over the next two decades.
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