Savvy Group, an Ahmedabad-based real estate developer, has announced its entry into the Mumbai property market. The company plans to invest around Rs 2,000 crore in developing real estate projects in Mumbai, starting with a Rs 750 crore investment in two projects it has acquired in the city's western suburb of Andheri and central suburb of Ghatkopar. These projects include a mixed-use development and a residential redevelopment project. The company has acquired a land parcel in Andheri (East) and has signed an agreement to redevelop a housing society in Ghatkopar. Savvy Group is also in negotiations to acquire additional greenfield and redevelopment projects in Mumbai through joint developments or outright purchases.
According to Jaxay Shah, the CMD of Savvy Group, the company is entering the Mumbai market due to the city's growth prospects and its role as the commercial capital of India. The two projects in Andheri and Ghatkopar are estimated to have a total development potential of over 300,000 sq ft. The company has already secured approvals for the Andheri project, with the process underway for the Ghatkopar project.