Runwal Group, a prominent real estate developer, has announced its entry into the commercial real estate sector with plans to develop over 10.5 million sq ft of office spaces in Mumbai and Pune. The company is investing an initial amount of ₹4,500 crore in these developments, which will be executed in phases across Kanjurmarg and Dombivli in Mumbai, and Viman Nagar in Pune.
The first phase of development has already begun on about 1 million sq ft in Runwal Commerz in Kanjurmarg and Runwal Edge in Dombivli. The company plans to finance these projects through a mix of internal accruals and debt. These campus-style developments are part of mixed-use projects that will include premium residential projects, large green spaces, and retail components.
Runwal Group's foray into the commercial real estate sector follows a strong performance in the residential and retail segments. The company believes that the growing infrastructure development in and around Mumbai is significantly changing the region's connectivity and that premium office spaces will cater to businesses in Mumbai and surrounding areas of Navi Mumbai, Thane, and Kalyan.
Subodh Runwal, MD of Runwal Group, expressed confidence in the success of these projects, saying that the company's experience in developing residential and retail projects, combined with the location advantages of these commercial developments, will attract a large number of businesses.