Meghna Infracon to invest Rs 500 cr on five redevelopment projects in Mumbai region

Realty firm Meghna Infracon Infrastructure Ltd will invest about Rs 500 crore to redevelop five housing projects in the Mumbai Metropolitan Region (MMR), as part of its expansion plan. In a regulatory filing on Tuesday, the company expanded its redevelopment portfolio by adding five new projects spanning the western suburbs and Thane. These projects are expected to generate a revenue of around Rs 600 crore. The company would develop 320 units in these five projects, and out of that, around 200 units would be available for sale in the market. Among the portfolio, the Bharti CHS project in Bandra West is set to be the largest luxury residential development, with an estimated revenue potential of Rs 240 crore. When asked about the investment, the company said it would be Rs 400-500 crore. The MMR market is witnessing a lot of redevelopment projects after the COVID pandemic. Many big real estate players have entered in the business of redevelopment of existing housing societies.

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