Group Satellite launches accessible housing project

Group Satellite, one of Mumbai’s legacy real estate developers, has launched `Aarambh’, an accessible housing initiative in Malad East. Aarambh comprises 1,200 apartments, of which 1,000 are 247 sq ft 1-BHK units at Rs 45.45 lakh onwards. Another 200 units are for project affected tenants being built free of cost.

Located in Malad East, the project is beside the Western Railway, Western Express Highway, and the upcoming Mumbai Metro. Non-banking Finance Company L&T Finance Holdings has extended a loan of Rs 300 crore towards three projects of Group Satellite of which Aarambh is the first, according to a release.

Aimed at first time home owners, retired couples and aspirational young couples, Aarambh aims to cater to Mumbai’s rising demand for housing at accessible prices. The Group will develop over 2.5 million square feet of residential real estate over the next five years and looks to make an impact on the acute housing shortage in Mumbai, the release added.