Post COVID-19: Worli real estate’s big revival

At a time when the pandemic has taken the entire world by storm, hiring labour for the realty and construction industries is one of the most challenging tasks. The nationwide lockdown due to COVID-19 has created an unprecedented predicament. Countless numbers of workers had migrated to their homes due to a sheer lack of work. The scenario that employers must have been dreading all along, had turned into reality because even when the lockdown is lifted, kick-starting operations right away will be extremely difficult for the real estate business.

However, it is also important to note here that the aftermath of the pandemic situation has established the fact that owning an apartment is a lot safer than having to deal with uncertainties of living in rented apartments and spaces.

Ever since the coronavirus outbreak followed by the lockdown-led disrupted work and demand in the real estate sector, the first mega-ticket deal in the real estate sector has finally been announced - Godrej Properties has inked an agreement with Akshaya Sthapatya (ASPL) to jointly develop a sea-view, residential project worth 1.1 million sq. ft., at Worli, Mumbai. Although the project began in 2002 with a few other partners who are no longer a part of the venture, it resumed after a long break owing to the fact that it was stuck due to regulatory issues over Coastal Regulation Zone (CRZ) norms.

The transaction is anticipated on a profit-sharing basis between Godrej Properties and ASPL. The project is to be spread over 5 acres and will also include rehabilitation of more than 1,500 families dwelling in slums, which will be done by ASPL through its primary stakeholders, Satellite and The Dynamix Group.

According to the agreement, the design and master layout of the project is being worked out by Godrej Properties; while ASPL will be executing the rehabilitation part of the project located right next to the National Sports Club of India (NSCI) through its prime stakeholders Satellite and The Dynamix Group. The Dynamix Group is one of the foremost conglomerates in India, popularly known for its well-designed residential and commercial properties in Goa as well as Mumbai. The Dynamix Group, Mumbai, has also made a steady progress in the real estate industry with the aim to build modern properties where everyone including families, professionals as well as businesses can thrive.

The Dynamix Group has also taken up the development of various prestigious luxury properties that redefine everyday living. These premium, high-profile standalone projects include Parkwoods in Thane and Woodlands Goregaon, along with the development of the luxury seaside hill station, Aldeia De Goa at Bambolim Beach, Goa. In fact, every real estate development of the Group has become landmarks in themselves, setting standards and benchmarks the other developments are measured against.

Despite the fact that the real estate developments in Mumbai have been witnessing a massive downfall during the COVID-19 scenario, this renewed high-profile venture in Worli, acts as a ray of light, triggering an ultimate revival in the industry.