EON Group Plans to Spend in Surplus of INR 250 Crore to Create a Luxurious Development in Prabhadevi, South Mumbai

Mumbai based real estate developer EON Group, formerly known as Siddharth Group, plans to spend over Rs 250 crore to create a premium residential-led mixed-use project on a great land piece in South Mumbai's upscale Prabhadevi neighbourhood.

The property developer just acquired the over 1.25-acre property parcel, and the redevelopment project, which is presently in the design phase, is anticipated to be finished within the next four years.

This tenanted site is scheduled for redevelopment, with the possibility for a mix of residential and commercial buildings surpassing 200,000 square feet of free sale space. The asset's worth, depending on current market conditions, exceeds INR 100 crore. The property is presently occupied by around 250 occupants.

"This is our second project in Prabhadevi, and we are optimistic about the micromarket's essential role in Mumbai's overall economic narrative. Our perspective on the housing market continues to be optimistic and healthy, and this project is a vital addition to our extensive pipeline as we continue to serve the entire residential spectrum," stated Bharat Shah - the CEO of EON Group.

Excellent Location
The prime plot is situated on New Prabhadevi Road and is strategically flanked by the major road on all sides, as well as the prestigious Sheth Beaumonde and Rustomjee Crown homes. The site will provide convenient access to Bandra-Kurla Complex (BKC), Worli, and Lower Parel, which are three of Mumbai's most important commercial districts.

EON Group is now working on architectural designs and obtaining appropriate permits from authorities; the final investment is anticipated to be changed in light of the final plans. The projected expenditure is anticipated to be funded by a mix of internal accruals and institutional investment.