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Matheran Realty begins commercial space sale 17/02/2009
Mumbai, Feb. 16 Mumbai-based Matheran Realty, among the first to move into the low-cost housing segment, has begun sale of 50,000 sq ft of commercial space in its affordable housing project at Karjat, which is 100 km from here.

The retail space is to be sold at Rs 8,000 a sq ft, compared to Rs 999 a sq ft the residential units were booked during launch last year. A total of 21,000 residential units are to be built on 100 acres in the distant suburb.

The total commercial component of 7.5 lakh sq ft comprises 15 per cent of the project area of over 80 lakh sq ft. About 112 units in the range of 820-116 sq ft on the ground floor of the residential units are slotted for sale.

In terms of revenue, the residential area of 85 per cent will bring in Rs 550 crore and the commercial space will rake in an identical amount. “The project has been planned so that the commercial inflows cross-subsidise the residential,” said Mr Pravin Banavalikar, CEO, Matheran Realty.
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