Participation in Third Real Estate Development Project in India：
Contributing to Local Communities through Development of Sustainable Residential Environments
Nov. 09, 2023
Marubeni Corporation (hereinafter, “Marubeni”) is pleased to announce its investment in a residential real estate development and sale project (hereinafter, the “Project”) currently under implementation in Mumbai, India, by Kolte-Patil Developers Ltd. (hereinafter, “KPDL”), a major real estate company based in the Maharashtra region of western India. The Project will be Marubeni’s third real estate undertaking in India, with the investment to be completed by means of subscription to a Non-Convertible Debenture issued by KPDL. The Project will also constitute the second collaboration to be implemented between Marubeni and KPDL.
With a population of 1.4 billion and a rapidly growing middle-income population tier, the Mumbai Metropolitan Region is notable for being among the most populated cities in India* as well as for having the country's largest housing market. Mumbai has historically flourished as a financial and commercial hub, boasting higher economic standards when compared to other Indian cities. The city’s rapid urbanization has been facilitated by well-developed highway networks and intercity railways. A further pronounced surge in housing demand is anticipated as the city’s economy continues to grow.
Mumbai is moreover surrounded by the sea and commercial waterways on all sides, and there is a growing need for efforts to ensure sustainable living environments due to the limited availability of land for development and the aging of existing buildings alongside population growth, with the Project involving the re-development of an aging residential facility. Through the Project, Marubeni aims to contribute to the development of sustainable living environments and to the local community. By leveraging its track record in real estate development both in Japan and overseas, Marubeni will collaborate with KPDL to ensure the provision of high-quality housing in Mumbai while incorporating expertise accumulated in the Japanese market with due consideration and respect to the local cultural contexts and lifestyles of India and Mumbai.
Marubeni also intends to actively expand into several related development businesses rather than limiting the scope of its activities in India to real estate development. These will include the development of social infrastructure and the establishment of new, multilayered commercial flows and services. Marubeni intends to leverage these envisioned activities as means to establishing the Indian market as a pillar of its overseas real estate business.
*The population of the Mumbai Metropolitan Region is approximately 25 million (source: “Demographia World Urban Areas 18th Annual 2022.07”).
|Location:||Sundar Road, Kalina, Mumbai, Maharashtra, India|
|Land Area:||Approx. 5,000 ㎡|
|Building Area:||Approx. 23,000 ㎡ (12 Floors with 2 basement floors, approx. 210 units)|
|Schedule:||February 2023 (commencement) to December 2025 (projected completion)|
|Overview of Kolte-Patil Developers Ltd.|
|Company Name:||Kolte-Patil Developers Ltd.|
|Location:||Dhole Patil Rd, Pune, Maharashtra, India|
|Number of Employees:||Approx. 500|
|Main Business:||Development and Operation of residential and commercial real estate in Pune, Mumbai and Bengaluru (Karnataka)|
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