Poddar Developers launches Rs 825 crore project in Shahapur

MUMBAI: Realty player Poddar Developers today said it has launched the first phase of its Rs 825 crore integrated township project--'Poddar Navjeevan'-- in Shahapur, Thane.

The phase I of the project, spread across over 15 lakh sq ft is aimed at providing affordable housing and create nearly 4,500 homes, the company said in a statement.

The cost of the first phase, which involves construction of 1RK and 1BHK apartments, ranges from Rs 7.5 lakh to Rs 15 lakh, is around Rs 300 crore, it said.

The cost of phase II is estimated at Rs 525 crore and spread across 25 lakh sq ft.

"While other locations are being looked at as suburbs of the future, Shahapur in the Mumbai metropolitan region is at an advanced stage. Shahapur is definitely heading to become a satellite township with a 50,000-plus strong population.

"'Poddar Navjeevan' is a cost-efficient, premium quality project that has been developed with in-depth research and thorough understanding of the consumer's needs," Poddar Housing Managing Director Rohit Poddar said.

The entire township project is expected to be completed in the next 8-10 years.