Mumbai’s next big thing? Shraddha Pratham project kicks off with MHADA approval

Shraddha Prime Projects Limited, one of Mumbai’s emerging real estate developers, has announced that its recently launched project, Shraddha Pratham, has received the Commencement Certificate (CC) from the Maharashtra Housing and Area Development Authority (MHADA). This crucial milestone paves the way for the full-scale development of the project located in Borivali East, Mumbai.

The project, with an anticipated delivery date of August 2027, is set to transform the region with a gross development value (GDV) of Rs. 400 crores and a proposed saleable area of 1,32,500 sq. ft., according to the Real Estate Regulatory Authority (RERA).

Significance of the Commencement Certificate

Receiving the Commencement Certificate (CC) marks a pivotal moment for Shraddha Prime Projects Limited. This authorization from MHADA is essential for construction activities to legally begin, signifying that the project has complied with all the initial regulatory approvals.

Commenting on this significant development, Sudhir Balu Mehta, Managing Director of Shraddha Prime Projects Limited, stated that receiving the CC confirms their commitment to pushing the redevelopment timeline forward. The company is deeply focused on creating high-quality, modern homes in Mumbai’s prime areas, and Shraddha Pratham is no exception. The project is aimed at revitalizing the eastern suburb of Borivali, which has seen significant growth in recent years.

Sudhir Balu Mehta expressed optimism regarding the project, adding that Shraddha Prime is strategically focused on expanding in key areas of Mumbai. The company aims to create a balance between providing affordable housing and premium living spaces, aligning with the growing demand in the metropolitan area.

Expert Opinion on Mumbai’s Real Estate Landscape

Real estate expert Ramesh V. Nair, CEO of a prominent property consultancy firm, remarked that the real estate market in Mumbai is evolving rapidly, with increasing interest in suburban areas like Borivali East. He emphasized that the Commencement Certificate from MHADA is a significant step that reflects the project’s potential to attract both homebuyers and investors.

Nair noted that developments like Shraddha Pratham are crucial in addressing the city’s housing needs, especially as the demand for affordable yet quality housing continues to rise. He believes that Shraddha Pratham’s location and the company’s emphasis on high-quality construction will make it a highly desirable project.

Future Prospects and Market Impact

Shraddha Prime Projects Limited is actively expanding its presence in Mumbai, focusing on a diverse range of projects, from slum rehabilitation to premium housing developments. With Shraddha Pratham receiving its Commencement Certificate, the company solidifies its position in the market as a growing player.

Borivali East is undergoing a transformation, and Shraddha Pratham is expected to be a key player in this shift. The project, located in Magathane, is positioned to benefit from the neighborhood’s growing infrastructure, excellent connectivity, and increasing demand for quality housing.

The project’s development timeline, ending in August 2027, promises to bring not only new living spaces but also an infusion of economic growth to the area.