Crest Ventures and Vensco Projects Partner for Rs 1,850 Crore Mumbai Real Estate Project
New Delhi, Jan 10 (PTI) Mumbai-based Crest Ventures Ltd, which operates in financial services and property businesses, has partnered with Vensco Projects Ltd to develop a high-value real estate project in Mumbai. The project, situated in Chembur, is expected to generate an estimated revenue of Rs 1,850 crore.
The company's subsidiary, Crest Urban Living, has signed a Joint Development Agreement (JDA) with Vensco Projects LLP for the development of a premium mixed-use project. The chosen site spans 11,000 square meters, or approximately 2.5 acres, and is poised to become a significant addition to Mumbai's real estate landscape.
Crest Ventures has not disclosed the investment details for this ambitious project. However, the company has stated that the project will have an estimated sales value or Gross Development Value (GDV) of about Rs 1,850 crore. The total saleable area of the development is expected to be nearly 500,000 square feet, offering a mix of luxury residential units and commercial spaces.
Vijay Choraria, Managing Director of Crest Ventures, expressed his enthusiasm for the project, saying, “Our upcoming project on Chembur's Golf Course Road represents a new chapter in Mumbai's luxury residential evolution. We are committed to delivering a premium development that sets new standards in the market.”
Crest Ventures has a strong track record in the real estate sector, having developed multiple housing projects across Mumbai and other parts of India. To date, the company has delivered over 10 million square feet of residential, commercial, and mixed-use developments across major Indian cities. In addition to its real estate ventures, Crest Ventures operates as a Non-Banking Finance Company (NBFC) registered with the Reserve Bank of India (RBI).
The company's portfolio also includes partnerships with prominent entities such as The Phoenix Mills Ltd, through which it has developed retail and mixed-use destinations in Chennai and other key markets. These collaborations highlight Crest Ventures' strategic approach to diversification and growth in the real estate and financial services sectors.
This new project in Chembur is expected to contribute significantly to the local economy and enhance the quality of living for its residents. The project's location on Golf Course Road, a prime area in Chembur, further underscores its potential to attract both residential and commercial interest. With a focus on luxury and sustainability, Crest Ventures is poised to deliver a development that meets the evolving needs of Mumbai's urban population.
