Post COVID-19: Worli real estate’s big revival
by Dynamix Group WriterAt 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.
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Created on Jul 10th 2020 02:33. Viewed 370 times.