Sri Lotus Developers to redevelop ultra-luxury project in Mumbai's Bandra west

Sri Lotus Developers and Realty Limited on Tuesday (September 9) announced that it has been appointed as the developer for a prestigious redevelopment project in Bandra West, Mumbai. The project is located in the heart of the city, near the iconic Bandstand Promenade.

The company said the project aims to create ultra-luxury living quarters. “With this project, the company aims to create an ultra-luxury development that will redefine premium living, offering world-class design, unmatched amenities, and an address that embodies exclusivity and sophistication,” it stated.

Sri Lotus Developers added that additional details about the project will be disclosed in due course.

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The Mumbai-based company is a developer of residential and commercial properties. It primarily focuses on redevelopment projects in the ultra-luxury and luxury segments in the western suburbs of Mumbai.

Sri Lotus Developers' strategy includes aggressive land aggregation via joint development agreements and MD models, and a focus on luxury redevelopment in high-value markets in Mumbai. The IPO funds will be used to accelerate this project pipeline over the next 24 months. The company currently has 13 ongoing or upcoming projects in the western suburbs with a saleable area of 16.9 lakh square feet.

It plans to expand its presence in other micro-markets in the southern and central regions of Mumbai, such as Nepean Sea Road and Prabhadevi. As many as 54% of its projects are redevelopment ones, while the remaining 46% are greenfield ones.

Also Read: Sri Lotus Developers IPO Allotment: Steps to check status on BSE, NSE and Kfin Technologies

Shares of Sri Lotus Developers and Realty Ltd ended at ₹180.45, down by ₹2.40 or 1.31%, on the BSE today, September 9.