Mumbai (Maharashtra) [India], July 15: Aspect Realty, a visionary player in the real estate industry, proudly announces the acquisition of a significant SRA (Slum Rehabilitation Authority) project, named Shivam Worli, at Worli for INR 450 crores. This acquisition marks a pivotal moment in the redevelopment landscape of Mumbai, as Aspect Realty prepares to launch this state-of-the-art 70-storey residential tower by Ganesh Chaturthi of this year, with completion expected in 3.5 to 4 years.
The newly acquired land parcel, an SRA project, had faced numerous delays and challenges. The original builder failed to deliver on their commitments, leaving the project stalled and the SRA dwellers without promised housing and rent since 2018. Recognizing the critical need to address these issues, Aspect Realty has stepped in, bringing renewed hope and progress to the community. Aspect Realty has already paid a substantial amount to the slum dwellers under an amnesty scheme, ensuring their immediate relief and support.
Under the SRA scheme, Aspect Realty is committed to the rehabilitation of slum dwellers, providing them with new, quality housing. The SRA scheme operates under a Public-Private Partnership model, leveraging land as a resource to generate funds. This innovative approach ensures the provision of free alternate accommodation to eligible slum dwellers on an ownership basis. In return, developers are allocated saleable built-up areas, which help offset project costs through cross-subsidization.
Shivam Worli will be a landmark development, featuring two distinct sections. The first section will be dedicated to the rehabilitation of slum dwellers, ensuring they receive the promised housing and improved living conditions. The second section will comprise premium residential flats available for sale to new buyers, offering luxurious living spaces with modern amenities and breathtaking views of the Mumbai skyline.
One of the unique selling propositions of Shivam Worli is that it offers relatively affordable housing without compromising on the amenities typically found in more luxurious projects. Residents can expect top-notch facilities such as a fully equipped gym, swimming pool, landscaped gardens, and a multi-purpose clubhouse. The project also emphasizes sustainability, with plans to achieve GRIHA certification, reflecting Aspect Realty’s commitment to environmental responsibility. Located close to Worli Naka, Senapati Bapat Marg, Phoenix Mall, and right behind Indiabulls Blu, Shivam Worli offers a prime location with excellent connectivity and convenience.
Aksha Kamboj, Chairperson of Aspect Group, stated, “Aspect Realty’s involvement in Shivam Worli not only aligns with our corporate objectives but also reflects our dedication to social responsibility and community development. This project is a testament to our commitment to creating sustainable and inclusive urban environments.”
Kedar Chapekar, CEO at Aspect Realty, added, “We are thrilled to take on this transformative project at Worli. Our goal is to deliver exceptional living spaces while ensuring that the original promises made to the SRA dwellers are honored. This 70-storey project, Shivam Worli, is planned to launch and provide possession in a much earlier timeframe than what is currently the norm in today’s market. We are committed to delivering these economical houses in a very timely manner.”
Aspect Realty’s involvement in this project underscores its commitment to social responsibility and community development. The company’s approach to redevelopment aims to provide slum dwellers with improved housing, ownership rights, and enhanced community infrastructure, promoting social inclusion and economic opportunities. It is important to note that this project falls under the amnesty scheme of the SRA, which was recently launched by the Maharashtra government and allows Aspect Realty to step in and address issues left by the previous developer.
The launch of Shivam Worli is eagerly anticipated, promising to set new standards in luxury living while addressing critical housing needs for the SRA community. Aspect Realty’s strategic vision and commitment to quality underscore its reputation as a leader in the real estate sector.
For more information about Aspect Realty and its projects, please visit https://aspectrealty.in.
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