Metro Group to Invest Rs 3500 Crore in Thane, Kalyan-Shil

Mumbai / September 28, 2024: Metro Group, a Mumbai Metropolitan Region (MMR)-based real estate developer is set to invest over Rs 3,500 crore in the emerging micro-markets of Thane and the Kalyan-Shil Corridor. For 2024, Metro Group has allocated Rs 1,000 crore towards Thane, emphasizing both Uber Luxury Residential and High-End Commercial spaces. This includes a significant Rs 200 crore investment in a celebrity-inspired limited-edition tower, a statement from the company said. 

Over the next three years, the company plans to launch 12 projects, encompassing new projects and additions to existing developments, covering a total of 6.6 million square feet with a projected revenue potential of Rs 9,860 crore.

In Thane, Metro Group will focus on Uber Luxury and Commercial spaces. This includes over 3 million square feet of luxury residential projects and 1 million square feet of commercial space, with an estimated revenue potential of Rs 5,000-6,000 crore. In contrast, the Kalyan-Shil Corridor will see an emphasis on affordable luxury, with 2.6 million square feet of residential space planned, targeting a revenue potential of Rs 3,000-4,000 crore, the statement added. 

Mahesh Gala, Director of Metro Group, highlighted the company’s ambitious vision for these micro-markets. “We envision Thane evolving into India’s First 15-Minute City, where all aspects of life—work, home, play, education, shopping, and health—are within a 15-minute reach. Similarly, the Kalyan-Shil Corridor is poised to become the Next Mumbai, with 30-minute connectivity to major financial and industrial centers, creating a vibrant market for aspirational semi-affordable housing. As a responsible real estate developer, we see huge potential in the range of the products that we are already offering.”

“However, there will be a difference in our approach as we prioritize sustainability and community wellbeing as the prime focus of our development. Gala emphasized, “We are dedicated to crafting luxury spaces that embody sophistication while integrating eco-friendly practices. Our upcoming projects will feature certified construction tags with a five-year leak-proof guarantee, also in some of our projects, we will be offering live construction access for home buyers. In one of our Thane projects, we plan to introduce India’s first carbon-neutral interiors using zero chemical and toxic materials,” he added.

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Gala said that the funding for the investment will come from a blend of equity, working capital, and customer advances. With an eye on the future, the company plans to complete these developments before 2027, with a substantial 70% of the projects dedicated to Uber 3 & 4 BHK luxury homes in the ticket sizes of Rs 2 crore to Rs 5 crore in Thane. The remaining 30% of the development will be on commercial, semi-luxury, and high-end retail spaces, the statement added.