Shapoorji Pallonji RE and PAG Enter to Revive The 91 Storeyed Minerva in South Mumbai

Minerva  is India’s Tallest Residential Skyscraper in South Mumbai

Shapoorji Pallonji Real Estate and Asia Pacific-focused investment firm PAG have lent their names and financial support to Minerva, India's highest residential tower, located in the Mahalaxmi neighbourhood in South Mumbai.

Existing real estate developer Lokhandwala Kataria Constructions will continue to be the project's development partner, while Shapoorji Pallonji Real Estate will be in charge of branding, sales, and marketing for the project. Already, Indiabulls Housing Finance has financed the ultra-luxurious project in South Mumbai in Mahalaxmi.

According to Venkatesh Gopalkrishnan, the chief executive officer of Shapoorji Pallonji Real Estate, Minerva fits with the company's growth strategy in the ultra-luxury housing market in India. With Indiabulls Housing Finance and investment firm PAG as Minerva's financial partners, he observed, the real estate market has a great lot of faith in this endeavour.

The almost 300-meter-tall, 91-story building overlooks both the Mahalakshmi Racecourse and the Arabian Sea. With a saleable area of over 1,200,000 square feet, the unsold inventory is estimated to generate over INR 1,500 crore in income.

"We are delighted to join SPRE as a finance partner for this significant project in India, one of the most vibrant real estate markets in Asia. Kanak Kapur, Partner and Managing Director of PAG Credit & Markets, expressed confidence in the group's ability to construct high-quality real estate developments with superior customer service."

This ultra-luxurious building has 372 apartments, and many celebrities and corporations have already purchased properties there. Up to the 51st habitable floor has received a partial occupancy certificate (OC) from the local government, and more than 200 homeowners are expected to move in soon. The rehabilitation component of the project is also nearing completion.

According to Rajiv Gandhi, Head of Commercial Credit at Indiabulls Housing Finance, their relationship exemplifies trust, experience, and executional excellence as they join hands to create an iconic luxury property in South Mumbai.

The project was started at the end of 2010, but was suspended because the authorities did not provide authorization for the full floor space index (FSI) in a timely manner.

According to industry sources, the developer of the project, Lokhandwala Kataria Constructions, petitioned the court for an injunction to get the necessary approvals. After obtaining the appropriate permits, the project was further delayed by Covid-19.

However with the teaming up of some of the biggest names in the Indian real estate industry, Minerva is set to be on track to real estate glory.

Since the beginning of 2022, there have been a significant number of high-end real estate transactions in South Mumbai, and it seems that this trend will continue through 2023 and beyond.