Thane-based home grown brand Vihang Group secures monumental approval for a staggering 3 million square feet commencement certificate from TMC in the current fiscal year, solidifying its position as Thane’s foremost developer with the most approval in non-township development.
The group has also attained an Occupational Certificate for 2.5 million sq ft for various projects, strategically allocated in Ghodbundar micro market in the same financial year. The group anticipates a lucrative revenue potential of ₹2000 Crore from these projects.
Vihang Sarnaik, Director of Vihang Group, emphasizes the pivotal role of approvals in the project cycle, acknowledging its financial and temporal intricacies for real estate development. Speaking on the exhaustive nature of the process, he highlights the lack of control developers have on getting approvals and pushing for delays, so there was a need to necessitate meticulous adherence to governance, ethics, and transparency in paperwork.
Sarnaik also reveals being an architect, he himself takes care of the approval and in the last three years the group’s commitment to due diligence, investing substantial time and energy in securing top legal professionals and leveraging data and technology has helped the group to streamline approval processes.
According to the Group, the company has witnessed an impressive 99% efficiency in obtaining approvals. Undertaking a massive ₹850 crore investment for 2024, the group has launched its first project of the calender year with a sales potential of INR. 600 Crore. There is another 3 projects in pipeline to be launched in the next 2 quarters of 2024.
Vihang Group’s long-term vision features an integrated township in Thane, boasting a five-star hotel, a Global University Campus, and an Olympic-level Sports Complex, with an investment of Rs. 3000 crore over the next five years. Recognizing Thane’s immense redevelopment potential, we’ll be channelling our focus towards branded redevelopment projects. Additionally, Vihang Group is committed to delivering aspirational housing in Thane, catering to a price range of Rs. 45-90 lakhs within the burgeoning Kasarvadavali micro-market Vihang Sarnaik added.
Vihang Group diversifies funding for these projects from a blend of equity, bank loans, and customer advances. A further ₹2,500 crore expenditure is projected over the next five years. The development blueprint earmarks 80% of space for residential units and the remaining for educational, hospitality, and lifestyle activities, showcasing the group’s strategic vision. In the December quarter alone, Vihang Group recorded robust sales, surpassing 600 units.
