A 5,000-square-meter piece of land has been acquired for the development of a proposed Eon Group mixed-use luxury complex in India.
The property is located within Mumbai’s Prabhadevi area which is surrounded by the main road on all sides. Marquee properties Sheth Beaumonde and Rustomjee Crown are also in close proximity. The project’s location also allows for convenience as well as easy access to Mumbai’s major hubs. These hubs include the Bandra-Kurla Complex (BKC), the Lower Parel as well as the Worli.
According to Bharat Shah, “The unique fundamental advantages of this parcel of land make it a promising candidate to become an eminent landmark. It is very rare to find a property that is on the main road, especially in such a well-connected and rapidly evolving locale as Prabhadevi. Eon Group mixed-use luxury complex is well-suited to become a thriving live-work-play complex.”
Shah is the Chairman of EON Group.
Plans for the development of the Eon Group mixed-use luxury complex
The Eon Group mixed-use luxury complex is a tenanted property. It is set to be executed as a redevelopment scheme with the potential for a combination of residential and commercial towers. The towers will exceed 2.0 lakh sq. ft of free sale area.
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The developer, EON Group that was formerly known as Siddharth Group, plans to develop the project within 4-5 years. The overall investment for the project will be in excess of INR 250 Cr. This is inclusive of the finalization of architectural plans and necessary approvals. The project is planned to be funded through a combination of internal accruals as well as an institutional investment.
Palash Shah, the Managing Director of EON Group said, said that this is the companies second project in Prabhadevi. “We are confident about the micro-markets centrality in Mumbai’s overall growth story. Our outlook on the housing market thus remains positive and strong. Eon Group mixed-use luxury complex project is a valuable addition to our robust pipeline as we continue to cater across the residential spectrum.”
