Mumbai (Maharashtra) [India], June 14: Naiknavare Developers, a company headquartered in Pune is proud to announce the successful handover of homes to 80 families at their Slum Rehabilitation project, ‘Jagruti’, located at Vakola, Santacruz in Mumbai. This significant milestone marks the completion of the 2nd tower in the project spread across approximately 12 acres.
The Jagruti Slum Rehabilitation project commenced on December 15, 2022, and spans a total development area of approximately 45,000 square meters. The tower being handed over is G+9 structure and accommodates 80 families, with each unit conforming to the statutory norm of 300 sq. ft. carpet area.
Mr. Hemant Naiknavare, Director of Naiknavare Developers commented on the occasion, “We are delighted to hand over these homes to the 80 deserving families under the Slum Rehabilitation Authority. Our commitment to quality and timely delivery remains steadfast, and we look forward to continuing our mission to provide superior housing solutions to the people most in need.”
The key handover ceremony was graced by Chief Guest MLA Sanjay Potnis. MLA Sanjay Potnis congratulated Naiknavare Developers for their unwavering commitment to excellence and for making a significant contribution to society. “I am honored to be here today to witness this remarkable milestone. This initiative sets a benchmark for future redevelopment projects in Mumbai,” he said.
The handover is part of a phased redevelopment strategy, with Naiknavare Developers having a proven track record in successful completion of SRA projects in Pune. It holds one of the largest portfolios in this asset class underscoring its dedication to enhancing the quality of life across diverse socio-economic strata. To date, the company has handed over 1400 units between Pune and Mumbai, with 78 units being handed over today. Additionally, another 370 units are scheduled for handover in the next 12 months.
Residents of the Jagruti SRA project will benefit from a range of amenities including a gymnasium, nursery school, and a society office, ensuring a comfortable and convenient living experience when the future phases are handed over.
Naiknavare Developers have long been at the forefront of slum rehabilitation, driven by a profound sense of social responsibility to enhance the lives of those dwelling in impoverished areas. Their mission is to empower slum residents to realize their aspirations for a more prosperous and healthier lifestyle, while fostering habits of hygiene, cleanliness, and orderliness. By elevating the living standards of the economically disadvantaged, they envision not only societal progress but also the transformation of urban landscapes into vibrant, slum-free communities.
The current property prices in the area are approximately INR 25,000 per square foot, with an expected appreciation of 10% in the next 2-3 years. This positive trend reflects the growing demand and development in the Vakola, Santacruz micro-market of Mumbai.
Naiknavare has created landmarks across the housing segment ranging from affordable, middle income and luxury housing, slum rehabilitation, commercial and retail spaces, serviced gated plotting communities, academic institutions and more recently redevelopment projects. With a total of 60+ projects over a span of nearly 4 decades, having delivered over 18 million Sq.ft of construction and about 6 million Sq.ft being planned. The company has a presence across several micro-markets in Pune with projects in Mumbai, Navi Mumbai, Kolhapur and Goa.
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