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Mumbai: Indiabulls gets environmental clearance for modified plans for Indiabulls Blu, Worli

Indiabulls Real Estate Ltd. has got clearance from environment ministry of Maharashtra for its mixed development project ‘Indiabulls Blu’ at Worli. The group acquired the clearance after amending its plan considerably. Earlier, the real estate developer proposed to develop two offices as well as two residential buildings. Now, the plan includes construction of three residential towers and a single commercial structure.

 

Avid investors must know that now, instead of offering 436 apartments, the number of flats proposed here have reduced to around 337. Moreover, while previously only two and three bedroom apartments were put on an offer of sale, the management of Indiabulls Real Estate has decided to provide larger apartment sizes with 4BHK and 5BHK floor plans.

 

This project is being constructed on the lands the realty ‘giant’ acquired via an online auction. This refers to the 2010 land deal of the inoperative Bharat Mill and Poddar Mill for Rs. 1580 Cr. and Rs. 498 Cr. respectively. Another competitor of these properties was Lodha Group which lost the auction by around Rs 2 Cr.

 

Favista’s Views: The modifications made in the site plan were largely governed by market dynamics where there is subsequently high demand for residential property over commercial spaces. To know more about this project, please click here: http://www.favista.com/Mumbai/indiabulls-blu-worli-P723.html

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