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Shapoorji Pallonji RE, PAG step in to revive India’s tallest residential project in South Mumbai

Priya Singh | 2023-12-28

The existing developer Lokhandwala Kataria Constructions will continue to be the development partner that will execute the project. The ultra-luxurious project is already funded by Indiabulls Housing Finance. Shapoorji Pallonji Real Estate will be responsible for branding, sales & marketing of the project.
Realty developer Shapoorji Pallonji Real Estate and Asia Pacific-focused investment firm PAG have stepped in to revive a super-luxury residential project, The Minerva, India’s tallest residential structure, in South Mumbai’s Mahalaxmi locality by extending their brand and financing support, respectively.
The existing developer Lokhandwala Kataria Constructions will continue to be the development partner that will execute the project. The ultra-luxurious project is already funded by Indiabulls Housing Finance. Shapoorji Pallonji Real Estate will be responsible for branding, sales & marketing of the project.

“The project aligns with our strategy of expanding our presence in the ultra-luxury segment. With Indiabulls Housing Finance and investment major PAG as the financial partners for Minerva, this project gains a lot of confidence,” said Venkatesh Gopalkrishnan, CEO, Shapoorji Pallonji Real Estate.
The 91-storeyed and over 300-metre-tall high-rise overlooks the Mahalakshmi Racecourse and the Arabian Sea. With a saleable area of around 1.2 million sq ft, a revenue potential of over Rs 1,500 crore is expected to be generated through the balance inventory that is yet to be sold.

“We are glad to come in as a financing partner with SPRE for this landmark project in India, one of the fastest-growing real estate markets in Asia. We are confident in the group's ability to develop high-quality real estate projects with superior services,"
The ultra-luxurious project has a total 372 apartments, and several celebrities and businessmen have already purchased homes in this project. It has already received partial occupation certificate (OC) from the civic authority up to the 51st habitable floor, and over 200 home buyers are expected to move in soon. The rehabilitation component of the project is also nearing completion.

“We are happy to have Shapoorji Pallonji Real Estate on board. This association exemplifies trust, competence, and execution excellence as we create an iconic luxurious project,” said Rajiv Gandhi, Head Commercial Credit, Indiabulls Housing Finance.

The project was launched at the end of 2010, however, was stalled as the authorities had not sanctioned the approvals for the entire floor space index (FSI) in a timely manner.
According to industry experts, the project developer Lokhandwala Kataria Constructions had moved the court to obtain an order to get the necessary permissions. Following this, the authorities took a long to sanction each of the approvals required and then Covid-19 delayed the project further.

Property registration in Mumbai, the country’s biggest real estate market, has continued its record-setting spree and has surpassed even pre-pandemic performance levels in December by a wide margin.

The luxury properties segment has witnessed a significant interest and buzzing with heightened activity. Several large-ticket record-setting transactions involving industrialists, CXOs, actors, and sports personalities have been taking place in Mumbai since the last few quarters.
The country’s financial capital witnessed over 9,411 deal registrations in December, a jump of over 46% from pre-Covid period of December 2019. With this, the annual registration number has moved above 1.11 lakh deals, the highest ever. The number of registrations is also 24% higher from November, which itself was a 10-year record level even without the support of lower stamp duty rate.