Metro Group to invest Rs 225 cr on new housing project in Thane

Mumbai: Realty firm Metro Group will invest Rs 225 crore to develop a new project in Thane in the Mumbai Metropolitan Region (MMR) to expand its business amid healthy demand.

The company has launched its new premium project 'The Presidential' in Thane's Pokhran Road area.

Metro Group will develop 100 flats on one acre of land parcels.

The company will invest around Rs 225 crore to develop this new project, Metro Group said in a statement.

It is selling apartments at Rs 22,500 per square foot.

The apartments are being sold in a price range of Rs 2.25 crore to Rs 6 crore.

Metro Group will complete this project in the next three years.

Metro Group Chairman Mahesh Gala said, "Thane is transforming into India's first 15-minute city, where everything 'work, home, leisure, education, shopping, and healthcare' is within a 15-minute radius.

"The Kalyan-Shil corridor, with its seamless 30-minute connectivity to major financial and industrial hubs, is on track to become the next Mumbai, catering to aspirational, semi-affordable housing demands." Over the past three decades, the company has successfully delivered over 1 million square feet of real estate.