Image Credits : DNA

The Neptune Group had acquired a 22 acre land parcel in an auction conducted in 2005 with the highest bid of Rs. 101 crore. The developer built a retail mall on 6 acres and a residential complex on another 6 acres of this land situated on LBS Marg, Bhandup.

According to sources, Tata Housing Development Company and Neptune have inked a contract to jointly develop a 10-acre residential project in this eastern suburb of Mumbai. While Neptune will provide the land parcel from the 22 acre chunk and secure approvals from the civic authority, Tata Housing will be responsible for conceptualisation, construction and marketing the project.

The project which has a total development potential of 1.2 million square feet is expected to fetch revenue of Rs 1,700 crore. All approvals to commence the work have been secured and the Construction is likely to be completed in four years.

LBS Marg, which was once known for being an industrial belt has now transformed into a major residential hub of Mumbai. Although Ready apartments in the locality are priced at about Rs 17,000-18,000 per sq ft, Tata and Neptune are considering launching the project at Rs 12,500 per sq ft.