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Mumbai: Mukesh Ambani plans to launch township in Navi Mumbai

Mukesh Ambani and his close friend Anand Jain have planned to launch a residential townships in Navi Mumbai in next four months. They boast it to be one of the biggest in this region. This decision was taken following the state government’s mandate, whereby construction of residential buildings on 40% of the land acquired under Special Economic Zone (SEZ) has been permitted.

 

As stated by sources close to Ambani, “ Ambani and Anand Jain jointly possess land around 4,300 acres at Ulwe and Dronaghiri in Navi Mumbai and it has no connection with Reliance.”

 

The sources further added, “Besides malls, schools and colleges of international standard too will be started. They plan to develop a walk-to-work sort of a culture. We are still working out the module. We are trying to make houses for the affluent as well as for the common man.”

 

Favista’s Views: Due to a number of unsold inventories and the scaling prices of residential property in this region, less new launches are anticipated in this year. Whether or not Ambani’s township will offer a property at reasonable rates remains to be seen.

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