Vibe Realty, a real estate company founded by Gopal Sarda, has announced the acquisition of a joint development project in NIBM, Pune. Spread over eight acres, the project has a saleable area of 1.03 million square feet and will comprise over 750 residential units, with an expected sales value of over Rs. 650 crores.
Rising vibes
The project will offer a beautifully landscaped neighbourhood with a grand 12,000 plus square feet clubhouse, a modern gymnasium, swimming pool and other lifestyle amenities. Vibe Realty plans to launch the project in the second half of the current financial year.
In addition, the developer has also acquired its fourth redevelopment project in May 2024, located in Bangur Nagar, Goregaon West, Mumbai. This project has a plot size of 4,000 square meters, development potential of approximately 3.5 lakh square feet and revenue potential of over Rs.290 crore.
These new projects add to the company’s existing portfolio that includes four acquired projects in Khar West, Bandra East, Andheri East, and Goregaon West in Mumbai. The total cumulative development potential stands at 2.7 million square feet with an estimated GDV of over Rs. 2000 crore and an estimated profit of around 23-25 percent. Of the above GDV, inventories worth Rs. 1100 crores are slated to be launched soon.
Transforming skylines
At the time of the announcement, Gopal Sarda, said: “These projects give us the opportunity to further scale our development vertical with sizable work under various stages of execution. This helps us expand our footprint in Pune and establishes our presence in Mumbai, which is in line with our current strategy of creating a portfolio of new-age products that support the transformation of Maharashtra’s skyline. So far, VRPL has established a good foundation and made a lot of progress in the redevelopment space, while the company is also evaluating various projects under JV, JD, and structured outright deals. It is our objective to deliver exceptional value to the entire ecosystem associated across every project, including landowners, buyers, members, and all other stakeholders.”