Mumbai Real Estate : Ashar Group Launches ₹2,000 Crore Housing Project in Thane

Ashar Group is venturing into an expansive housing project named Ashar Merac in Thane's Shree Nagar area, covering 11 acres with a total of 2,000 units. This development is set to be completed by 2028, according to the Maharashtra Real Estate Regulatory Authority (MahaRERA). The project, designed by renowned architect Hafeez Contractor, will feature a mix of 1, 2, and 3 BHK apartments across three towers, and aims to deliver over 25 lakh sq ft of premium real estate within the next five years, as stated by Ayushi Ashar, director of Ashar Group.

The project's first phase will include two towers standing 35 and 36 floors high respectively. This phased approach ensures systematic development, with a revenue potential estimated at ₹2,000 crore. Local brokers indicate that the current per sq ft price in this micro-market ranges from ₹18,000 to ₹20,000, influenced by the project's amenities and the surrounding social infrastructure.

Ajay Ashar, chairman of Ashar Group, highlights the strategic location of Ashar Merac, which is situated near the Thane and Mulund border, offering excellent connectivity to other localities within the Mumbai Metropolitan Region (MMR).

The Thane real estate market is bustling with activity from several listed developers. Post COVID-19, companies like Raymond Realty, Oberoi Realty, Rustomjee Group, and Puravankara have launched projects in the area. Additionally, the Hiranandani Group has established a significant presence, and L&T Realty has entered into a joint development agreement for a slum rehabilitation project, set to develop 31.25 lakh sq ft valued at ₹697 crore. Prices for residential units in Thane vary between ₹10,000 and ₹25,000 per sq ft, contingent on the locality and its proximity to social infrastructure.

Ashar Group is also spearheading the redevelopment of the iconic Dilip Kumar bungalow in Mumbai's Pali Hill, Bandra, announced in August 2023. The redevelopment project, 'The Legend,' will feature luxurious 4 and 5-BHK apartments, including duplex units, and a dedicated 2,000 sq ft museum honoring the late Bollywood legend, Dilip Kumar, who passed away in July 2021. In this prestigious Pali Hill area, residential units command prices ranging from ₹1 lakh to ₹1.50 lakh per sq ft, according to local brokers.