Sattva Group Expands with Three Major Projects in Mumbai, Targeting Rs 10,000 Crore GDV
Bengaluru-based real estate developer Sattva Group is set to launch three significant projects in Mumbai, including the island city and its suburbs, with a combined gross development value (GDV) of Rs 10,000 crore. The projects are expected to boost the company's portfolio and attract significant investment.
Real EstateSattva GroupMumbaiGross Development ValueProperty DevelopmentReal Estate MumbaiAug 05, 2025
Agarwal mentioned that the company is also in serious discussions to sign up three to four more projects, though he did not provide additional details regarding their location, size, or revenue potential. He elaborated, “We have just signed the projects, and we are now planning them and clearing the sites. One project has been signed up at Sewri, which will be launched in two phases, totaling 2.3 million square feet. Another project will be in Powai, with a size of around 850,000 square feet. Additionally, we have taken over another society at a prime location in Prabhadevi, which will be around 300,000 square feet. We remain in talks with around three to four societies.”
The pricing for these projects varies significantly. The Sewri project is expected to fetch a price of around Rs 35,000 to Rs 40,000 per square foot, while the Prabhadevi project is anticipated to reach a price of around Rs 70,000 per square foot. Residential rates in Powai are in line with those in Sewri, with prices increasing over the past year due to improved connectivity, particularly through the trans-harbour Atal Setu and the Eastern Freeway.
Sattva Group is expected to invest around Rs 2,000 crore through equity in the Mumbai projects, with the remainder of the expenses to be covered through traditional lending deals and internal accruals. Sattva, a family-owned developer, has been taking steps towards becoming a more professional organization and welcoming external capital. This includes its joint venture with Blackstone, which is set for a Rs 4,800-crore public listing next week through Knowledge Realty Trust, a real estate investment trust.
The company's co-living platform, branded Colive, has Bain Capital as an external investor, and Sattva aims to build on the 12,000 live beds on the platform across Bengaluru, Pune, Chennai, and Hyderabad. While public listings have been popular in the real estate sector over the past two years, Sattva does not have immediate plans to list its residential business. However, it may consider this route for its owned co-working spaces firm, Simpliwork.
Agarwal commented, “We are not immediately planning to go for an IPO (for the residential business) but we can do so down the line, because our residential growth has been three times in the last four years. We launched 11 million square feet last year and this year, we expect to launch around 16 million square feet. Besides that, we have a large office portfolio under Knowledge Realty Trust, and also the co-working space brand Simpliwork, which we can think of doing an IPO of in the next two years.”
Frequently Asked Questions
What is the total gross development value (GDV) of Sattva Group's projects in Mumbai?
The total gross development value (GDV) of Sattva Group's projects in Mumbai is around Rs 10,000 crore.
How many projects has Sattva Group lined up in Mumbai?
Sattva Group has lined up three projects in Mumbai, with additional discussions for three to four more projects.
What are the locations of the projects Sattva Group has signed up for in Mumbai?
The projects are located in Sewri, Powai, and Prabhadevi.
What is the expected price per square foot for the Prabhadevi project?
The expected price per square foot for the Prabhadevi project is around Rs 70,000.
Does Sattva Group have plans to list its residential business through an IPO?
Sattva Group does not have immediate plans to list its residential business through an IPO, but it may consider this route for its co-working spaces firm, Simpliwork.
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