South Asian Real Estate SARE real estate investment firm has finalized the 100acre land deal in Navi Mumbai with the Mumbai based real estate Silver Oak group. These two big companies have tie up as a joint venture, in this agreement SARE is having majority shares. The duo will construct an integrated township on the 100acres land. On the basis of anonymity the senior developer of the company said that” the approx cost of Panvel land is 150 crore to 200crore.
According to the sources the estimated cost of the project would be Rs. 1575crore including all expenses such as construction and land acquisition. As per the senior officer of the SARE said that “SARE will start the construction work in the upcoming 6 months and will complete in the 6-7 years.” After announcing the Air port in Navi Mumbai several developers are taking interest in the upcoming projects in this area.