Shapoorji Pallonji and Ariisto Developers to join hands for a redevelopment project in Goregaon which will have an approximate area of one million square feet
Real estate giant Shapoorji Pallonji Real Estate is all set to collaborate with Ariisto Developers for a mammoth rehabilitation residential real estate project. It will be built on an area of 1 million square feet and will be located in Goregaon. Sources in the know of the deal confirmed the news.
As of now, Ariisto Developers has finished work on the rehabilitation component of the slum project. It is currently working on the project’s free-sale component via its partnership with Shapoorji Pallonji Real Estate.
A source, who wished to remain anonymous, said, “Shapoorji Pallonji Real Estate is likely to pay around Rs 250 crore upfront to Ariisto as per the terms of this alliance.”
On the other hand, the spokesperson of Shapoorji Pallonji Real Estate, as well as the Director of Ariisto Developers Atithi Patel, did not comment on the collaboration.
In what seems to be an emerging but long-lasting trend for Mumbai’s realty industry, several big names have ventured into joint collaborations with developers for rehabilitation projects. The reason for this is that the industry is still affected by a liquidity crunch and is grappling with lakhs of unsold units already.
Add to this have been many policy changes like demonetisation, the implementation of the Real Estate (Regulation & Development) Act, 2016 and the goods and services tax (GST), which was recently slashed by the GST Council. Developers are either collaborating with the biggest names in the industry or are exiting their current projects due to lack of capital.
Shapoorji Pallonji is probably India’s biggest and most respected realty company. With more than a century of real estate expertise, the company is showing no signs of slowing down and is in fact still pioneering the ways the industry works. Three years ago, Shapoorji Pallonji Group introduced Joyville Homes which is its maiden affordable housing brand.
Ariisto Developers was one of the first developers to undertake and execute the transfer of development rights (TDR)-generating projects for slum rehabilitation under regulation 33(10) of the Development Control Regulations for Greater Mumbai. Previously named as Atithi Builders, Ariisto Developers is currently working on 15+ projects in Mumbai. The total area of all these projects is a mammoth 32 million square feet.
Source: Economic Times
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