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Time to Invest in Mumbai Property: Nahar Group

Sukhraj Nahar, Chairman of Indian real estate developer Nahar Group, said Mumbai has increased its appeal to investors and end-users with drastic infrastructure upgrades. “Prices in Mumbai will go up and the city continue to be sought-after destination for property investors,” he said.

Speaking to Khaleej Times, Sukhraj, a real estate veteran with more than 30 years in the realty business, he was upbeat about the vast potential the city offers to property investors.

His Nahar Group, which has built several landmark projects in Mumbai, also plans to expand its reach to outside Maharashtra state. This year, it plans to launch a project in Chennai. Also under serious consideration is a foray into the Gulf, Sukhraj said.

Nahar Group, which every year builds 500,000 square feet of residential units, accounts for several of the commercial and residential landmarks that dot the Mumbai skyline. These include the Shah and Nahar Industrial Estates at Worli and Lower Parel and the premium Amrit Shakti township project at Powai.

He said Mumbai has been able to cope with the increased vehicular traffic thanks to the new flyovers that have been across the city. Some of the developers, including Nahar, are also taking the initiative to provide customers with the basic amenities without waiting for the civic authorities. In Nahar’s Powai project, the developer is installing water connection and drainage at its own expense.

The Mumbai-based group, which mostly focuses more on premium housing, recently launched mid-segment housing at Rs5,252 a square foot at 125-acre Amrit Shakti where its premium range is also being built. The premium range is upwards of Rs 8,000 per sq ft.

The group is building four two-storeyed residential towers, housing 160 2-BHK (bedroom-hall-kitchen) apartments with a built-up area of 924 sq ft.

He said the total investment in Amrit Shakti, which will house 6,000 families and parking for 4,500 cars, would be Rs12 billion.

Amrit Shakti Township will also feature schools, shopping malls, a cinema and a temple. “We have already built a spectacular clubhouse for the residents there. It includes a gymnasium, a restaurant and a swimming pool.”

According to housing finance companies and banks disbursing home loans to non-resident Indians, there has been a sudden surge in demand for residential property across Indian cities and particularly for tier II cities in the wake of the economic slowdown in the Gulf. The demand for built units is said to be more as returning NRIs are keen to move into their own units.

issacjohn@khaleejtimes.com