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Runwal Group marks its foray into commercial real estate with Rs 4,500-cr investment

Tuesday, 28 Mar 2023
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Runwal Group has forayed into commercial real estate and plans to develop over 10.5 million sq. ft. office spaces with an investment of Rs 4,500 crore over the next four years.

This will include phased development of three commercial real estate projects across Mumbai’s Kanjurmarg and Dombivli, and Viman Nagar in Pune. Of these, it has commenced work on its Kanjurmarg project 'Runwal Commerz' and 'Runwal Edge' in Dombivli spanning 1 million sq. ft. In the total proposed development, 'Runwal Commerz' will be spread over 13 acres of land as part of a 36-acre integrated township Runwal City Centre. This project will see the development of 3.5 million sq. ft. across three towers.

Overall, the premium office spaces will cater to the businesses in Mumbai and surrounding areas of Navi Mumbai, Thane and Kalyan. These are based on ‘walk to work’ concept, intertwined with a range of premium facilities and green spaces in the vicinity.

Further, the plot is close to the Mumbai Metro line 4 and 6’s interconnection. At the township, the occupation certificate (OC) for two residential towers has been obtained and handover is in process.

'Runwal Edge' in Dombivli will be part of a large integrated township Runwal Gardens spread over 115 acres, comprising a total of six towers across three phases. The project in Pune’s Viman Nagar will see the development of 1.5 million sq. ft. on a 10-acre land parcel owned by the developer. Five towers in this township have already been delivered and the handover of three more towers is currently in progress following the receipt of statutory OC last week.

Runwal Group plans to fund the investments through a mix of internal accruals and debt. The developments will be part of the mixed-use developments which offer premium residential projects, open green spaces and retail components.

The Group has delivered over 50 projects spread over 25 million sq. ft. in Mumbai Metropolitan Region (MMR) and has over 23 million sq. ft. under construction.

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