The company is setting up Rs 900-crore mixed-use project at Karjat on 100 acres of land.
Pravin Banavalikar, Chief Executive Officer, Tanaji Malusare City said, “The project will have 10%-15% reserved for commercial purposes which will help us to recover the margin we may loose from selling residential units”.
Tanaji Malusare City is the Special Purpose Vehicle of the Karjat project floated by Matheran Realty and a financial institution.
Banavalikar said that with 3,000 flats, the selling of the first phase of the project would start from tomorrow. Subsequent phases will come up in after every six months.
Expecting huge rush, the company has decided to sell the units through a lottery system and assured that people who would not get flats have the chance of securing one in subsequent phases.
Banavalikar said, “We are scouting around thousand acres of land to develop similar kind of projects in other places within 50-100 kilo-meters of Mumbai”.