The acquisition includes development rights of Tardeo Court CHS and Tardeo Apartments CHS, along with the outright purchase of Sethna House, located in Tardeo, under the cluster redevelopment scheme.
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The proposed development spans a plot area of over 46,000 square feet and is expected to be executed over the next four to five years.Commenting on the development, Managing Director Manan Shah said, “The Group’s South Mumbai journey is defined by scale, speed, and consistent market absorption. We are happy to have achieved a hat-trick in South Mumbai with our latest acquisition at Tardeo.”
He added that the project, referred to as “Tardeo 2.0”, is located in a prime micro-market and will further strengthen the company’s ultra-luxury residential portfolio.
The company said that its three key South Mumbai projects, Aaradhya Avaan at Tardeo, the Tardeo 2.0 development, and its Marine Lines project, together have an estimated sales potential exceeding ₹8,000 crore.
Shares of the company jumped nearly 7% following the announcement, hitting the intraday high of ₹124.48. The stock was trading 5.44% up at ₹122.67 as of 11.03 am; it has gained 56.39% in the last month, while delivering a 21% return over the past year.
