Construction Industry News
Eon Group (formerly Siddharth Group) has added 5,000 m². plot of land at the Prabhadevi site in Mumbai to its asset portfolio, where it plans to develop a luxurious mixed-use complex.
The plot is located on New Prabhadevi Road and is surrounded on all sides by the main road along with the Sheth Beaumonde and Rustomjee Crown properties in close proximity. The well-connected location provides easy access to Mumbai's main hubs, Bandra-Kurla Complex (BKC), Worli and Lower Parel.
This is a leased property intended to be executed as a redevelopment plan with the potential for a combination of residential and commercial towers over 2.0 lakh sq.m. ft free sales area. The property currently has approximately 250 tenants. The value of the asset as per prevailing market rates is over Rs 100 crore.
Eon Group plans to develop the project within 4-5 years and the total investment will exceed Rs 250 crore subject to the completion of architectural plans and necessary approvals. The investment is intended to be funded through a combination of internal accruals and institutional investment.
Bharat Shah, Chairman of Eon Group, said: “The unique fundamental advantages of this plot make it a promising candidate to become an eminent milestone. It is quite rare to find a property surrounded by a main road in Mumbai, especially in such a well connected and fast evolving area as Prabhadevi. This development is well suited to become a thriving home-work-play complex.
Palash Shah, managing director of Eon Group, added: “This is our second project in Prabhadevi and we are confident in the central role of the micromarket in Mumbai's overall growth story. Our outlook for the housing market remains positive and strong, and this project is a valuable addition to our robust pipeline as we continue to focus on the entire residential spectrum.
