Group Satellite launches realty project

A renowned real estate builder of Mumbai, Group Satellite, has recently launched 'Aarambh', an accessible housing project in Malad East in the metropolitan city. The project in question, housing 1,200 apartments, of which 1,000 are 247 sqft 1-BHK units commanding a price tag worth Rs 45.45 lakh upwards. Similarly, another 200 units are for project affected tenants and are being built and will be provided free of cost. The housing project is located in Malad East, beside the Western Railway, Western Express Highway, and the upcoming Mumbai Metro rail project. Non-banking Finance Company L&T Finance Holdings has extended a loan of Rs.300 crore towards three projects of Group Satellite of which Aarambh is the first, said an official spokesperson, claiming that the project is aimed at first time home owners, retired couples and aspirant young couples and also aimed at catering to Mumbai's rising demand for housing at more affordable rates. The Group will develop over 2.5 million square feet of residential space over the next five years and looks to make an impact on the acute housing shortage in the metropolitan city.