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Realty firm NeoLiv has acquired a 17.5-acre land parcel in Khopoli within the Mumbai Metropolitan Region (MMR) for the development of a new housing project. The company plans to invest INR 150 crore to build a residential project featuring approximately 180 plots and villas. This new acquisition marks NeoLiv's third project, following successful ventures in Kundli-Sonipat, Haryana, and a luxury housing project in Alibaug. The company, founded by former Godrej Properties CEO Mohit Malhotra and other industry experts, is backed by a SEBI-regulated AIF Fund to ensure financial security for its customers.
NeoLiv, a realty firm founded by former Godrej Properties Managing Director and CEO Mohit Malhotra, has announced its acquisition of a 17.5-acre land parcel in the Mumbai Metropolitan Region (MMR). The company will invest INR 150 crore to develop a housing project on the land, located in the Khopoli-Panvel-Khalapur belt. Advertisement
The upcoming residential development is planned to feature approximately 180 plots and a number of villas. According to Mohit Malhotra, this will be the company's third project. The location was chosen due to its improving connectivity and rising potential as a new residential hub in the MMR.
This new project follows the company's recent successes. In June of this year, NeoLiv sold all 263 plots in its first project, 'NeoLiv Grand Park', in Kundli-Sonipat, Haryana, for a total of over INR 300 crore. Additionally, the company is in the process of developing a luxury housing project in Alibaug, near Mumbai, on a 12-acre land parcel with a projected sales potential of INR 400 crore.
NeoLiv was established by Malhotra and other industry veterans in partnership with the wealth management firm 360 ONE. The company operates with a business model where all its projects are backed by a SEBI-regulated AIF Fund, a measure intended to provide financial security and ensure the timely completion of projects for its customers.
Source: PTI
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