Neev bags Rs210 crore redevelopment project
Mumbai-based Neev Group has bagged a slum redevelopment project from the Kalyan Dombivali Muncipal Corporation (KDMC). The Group is contracted to develop 58 buildings in 7 packages under JNNURM (Jawaharlal Nehru National Urban Renewal Mission) scheme. The entire project is funded by Central Government for providing basic services to urban poor (BSUP). The project cost is valued at an estimated Rs210 crore.
Neev will develop 4181 flats, 75 community halls and 6 multipurpose halls. Each flat has a carpet area of 350 sq ft which includes a living room, kitchen and a separate WC inclusive of storage area and bathing area and total construction area is around 18,00,000 sq ft . All the buildings are Ground + 7 floors with a lift.
Commenting on this development, Jitendra Jain, CEO & MD of Neev Group said, “We are happy to be given an opportunity to be part of this ambitious project of KDMC. We are confident that on completion, this will be a landmark project. As a Group, we are focusing our experience and expertise on such mega redevelopment projects. This perfectly fits the Group growth plans.”
As per the KDMC contract, Neev will also be responsible for the entire area’s infrastructure needs. The time period for project completion is 18 months and the agreement policy is a “Turnkey Contract” where upon completion of the project, Neev Group will be giving immediate possession to KDMC.