Mumbai : Paradigm Realty, a developer based in Mumbai, has entered into a redevelopment agreement for a project with a development potential exceeding 2.5 million sq. ft. in Mahavir Nagar, Kandivali (W). The investment of 200 crores will come from internal accruals. Situated on a 4-acre land parcel in Mahavir Nagar, Kandivali (W), the project comprises free-sale RERA carpets of up to one million sq ft and is valued at approximately USD 0.44 billion (around INR 3500 crores).
Paradigm Realty’s new project will involve the redevelopment of 9+ societies, contributing to the creation of 600 residential units, with revenue expectations of INR 3500 Cr. The current per sq. ft. cost in Kandivali Mahavir Nagar for under-construction stands at INR 32,000 – 38,000 psf, reflecting the premium nature of this project with ready to move in properties are as high as Rs 45,000 plus.
Paradigm Realty plans to capitalise on the prime location of the plot, situated at the intersection of a 120 feet wide link road and the 90 feet wide main Mahavir Nagar Road in Kandivali, by coming up with a world-class, premium gated community catering to the area’s affluent business community.
Confirming the developments, Mr. Parth Mehta, CMD- Paradigm Realty, expressed enthusiasm about the group’s latest project. “We are delighted to enter this agreement. Mahavir Nagar, with its rich heritage and affluent Gujarati and Marwari business community, is very endearing to us. This location resonates with the prestige of Carmichael Road and Altamont Road in South Mumbai. Mahavir Nagar has thus far lacked a world-class, high-quality gated community, which the residents have been aspiring for. Our project will be similar to layouts in Worli or Prabhadevi, with Uber luxury and all the lifestyle amenities included.”
Mr. Mehta added that Paradigm’s vision is to bring the charm, exclusivity, and panache of South Mumbai to Mahavir Nagar, Kandivali (W) with this iconic landmark development. “We aim to create a new address in the skyline of Kandivali (W), with the project set to launch in the festive season of Q3/Q4 FY 2025 and completion expected within five years, in different phases” he said.
Paradigm Realty has a strong presence in the Western suburbs, particularly in Borivali, with three projects delivered, including 3,000 homes. Recently, the company launched Paradigm Anantaara, a luxury hallmark and one of the tallest buildings in Shimpoli, Borivali, located in close proximity of the new Mahavir Nagar project. Mr. Mehta sees phenomenal traction in India’s luxury market and is excited about entering this space. Additional announcements from Paradigm Realty are anticipated in Q2 FY25, especially in premium areas like Bandra.
