Runwal Group Ventures Into Commercial Real Estate Planning to Spend Around INR 4500 cr in Four Years

Runwal Group Ventures Into Commercial Real Estate

Mumbai based real estate development company Runwal Group has entered commercial real estate and expects to construct approximately 10.5 million square feet of office space over the next four years with an investment of Rs 4,500 crore.

This includes the gradual construction of three commercial real estate developments in Kanjurmarg, Dombivli, and Viman Nagar in Mumbai and Pune, respectively. It has begun construction on its Kanjurmarg project 'Runwal Commerz' and its 1 million-square-foot Dombivli project 'Runwal Edge'. Runwal Commerz will occupy 13 acres of land as part of the 36-acre Runwal City Centre master-planned community. This project will include the construction of three skyscrapers totaling 3.5 million square feet.

In general, the upmarket office space will serve the companies of Mumbai and the nearby cities of Navi Mumbai, Thane, and Kalyan. These are based on the "walk to work" concept and are surrounded by a variety of premium facilities and green spaces.

In addition, the land is near to the intersection of Mumbai Metro lines 4 and 6. The occupancy certificate (OC) for two residential towers in the township has been received, and handover is now under progress.

Runwal Edge in Dombivli will be part of Runwal Gardens, a large integrated township spanning 115 acres and comprising a total of six towers in three phases.

The project in Pune's Viman Nagar would include the construction of 1.5 million square feet on a 10-acre plot of land that belongs to the developer. Five towers have already been delivered in this municipality, and the handover of three further towers is now underway after the receipt of statutory OC recently.

Runwal Commerz, a Kanjurmarg development, will have about a million square feet of commercial space.

Runwal Group intends to finance the investments using a combination of internal funds and loans. The developments will be part of the mixed-use complexes that include upscale residential buildings, open green areas, and retail elements.

In Mumbai Metropolitan Region (MMR), the Company has completed over 50 projects totaling over 25 million square feet and has over 23 million square feet under development.