Mumbai: Home-grown Thane-based real estate brand Vihang Group has expressed in a press statement that it has sold 200 apartments in its recently launched project Capital of Thane generating a revenue of 150+ crore within 10 days of launch amid strong demand for residential properties on Thane’s Ghodbundar Road.
Undertaking a massive ₹850 crore investment this year, Vihang Group has a plan to launch 3 more projects in the same micro market in the next two quarters with an estimated sales potential of ₹2000 crores. As part of its funding strategy, the company uses a combination of equity, bank loans, and cash advances from customers. It is anticipated that expenditures will continue to rise over the next five years by ₹2,500 crores.
Vihang Sarnaik, Director of Vihang Group said, “The swift launch sellout serves as a testament to the increasing demand for the aspirational lifestyle with larger carpets that Vihang Group is offering. About 80 per cent of home buyers who purchased from us were people who were looking for upgrades in terms of larger space and better amenities and connectivity. Our competitive pricing acts as icing on the cake for buyers. The remaining 20% were investors who are banking on the upcoming infra projects which have given a 10% year-on-year appreciation in Ghodbunder Road.
Commenting on the development, Ganesh Devdiga, Senior Vice President of Square Yards, a Leading Property Consultancy in Mumbai opines that the “Ghodbunder Road is a cluttered market with most number of inventories and selling 200 plus units in a mere 10 days is something commendable and remarkable in a market where every day there is a new launch.
Unlike other markets, the Ghodbunder micro market is quite different as buyers have multiple options from over 50000 inventories. They have the choice to buy any product ranging from ₹30 lakhs to 3 crores. They have the choice of buying from all the top developers of MMR in this micro market. At the same time, this is also a market where various home-grown brands have established a strong foothold.
As a leading player with a mandate to sell over 5000 units in the Ghodbunder micro market for various developers, we know that selling 200 units in 10 days in a single project is a big achievement for any developer in this micro-market and we want to congratulate Mr Vihang Sarnaik and his team for this remarkable achievement in the success of Capital of Thane” Devdiga added .
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