Arihant Superstructures Ltd Expands Portfolio with 118-Acre Plotted Development Project in Navi Mumbai

Arihant Superstructures Ltd (ASL), a prominent real estate developer in the Mumbai Metropolitan Region (MMR), has unveiled plans for a new low-rise township project spanning 118 acres in Chowk, Off Old Mumbai-Pune Highway, near Panvel, Navi Mumbai. Positioned within the Navi Mumbai Airport region of "Mumbai 3.0," the development is strategically located, offering a convenient 25-minute drive to the upcoming Navi Mumbai International Airport and MTHL Sea Link, connecting to South Mumbai.

The project, a mix of outright acquisition and joint-venture transactions, holds a substantial development potential estimated at 2 million sq. ft. Notably, the property is situated within 500 meters of the Chowk Railway Station, a pivotal component of the evolving Panvel-Karjat Railway Corridor.

The Navi Mumbai-MMR region stands out as one of the fastest-growing real estate markets in India, propelled by significant infrastructure projects such as MTHL, Navi Mumbai International Airport, SEZs, Industrial Parks, and Corporate Parks. This development surge is anticipated to create one million jobs, driving an increased demand for residential units in the region.

Mr. Ashok Chhajer, CMD of Arihant Superstructures Ltd, commented on the latest undertaking, stating,

"Our diversification into horizontal developments over the last year is set to expand our offering base across MMR. With key infrastructure projects like MTHL nearing completion, the City of Navi Mumbai is poised for exponential growth. This acquisition marks our foray into Horizontal Developments, aligning with the contemporary trend in residential formats. With this addition, our total land bank is set to surpass 335+ acres, and the estimated projects around the Navi Mumbai International Airport & MTHL are projected to have a gross development potential of 12 million sq. ft. The due diligence process for the new acquisition is underway, and we anticipate completing the transaction within six months."

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