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Vascon Engineers has received a redevelopment contract worth INR 161 crore from MSEB Holding Company Ltd for the Saudamini Building project in Mumbai's Mahalaxmi area. The work, expected to be completed within 36 months from commencement, marks a key addition to Vascon's redevelopment portfolio in the city. The company said its ongoing and upcoming projects in Mumbai's Santacruz, Powai, and nearby markets together span about 0.4 million sq ft, valued at around INR 1,050 crore, and are projected to contribute half of its overall real estate portfolio by FY27.
Vascon Engineers Ltd announced that it has been awarded a redevelopment contract worth INR 161 crore by MSEB Holding Company Ltd for the reconstruction of the Saudamini Building located in Mumbai's Mahalaxmi area. The project is scheduled to be completed within a period of 36 months after work begins. Advertisement
Managing Director Siddharth Vasudevan Moorthy said the company aims to deliver the project in line with the agreed timelines and quality standards. The redevelopment is part of Vascon's ongoing effort to strengthen its presence in Mumbai's redevelopment market, which continues to attract steady demand from both housing societies and public sector entities.
In Mumbai, the company has been focusing on redevelopment-led growth with ongoing projects such as Vascon Orchids in Santacruz and Prakash CHS in Santacruz West. The firm stated that its redevelopment pipeline in Santacruz, Powai, and surrounding micro-markets covers approximately 0.4 million square feet, carrying an expected sales potential of about INR 1,050 crore.
Vascon further mentioned that its ongoing and upcoming projects in Mumbai are anticipated to account for nearly 50 percent of its total real estate portfolio by FY27. This emphasis on Mumbai's redevelopment market aligns with the company's strategy of targeting prime urban clusters with strong demand for modernized residential and commercial properties.
Alongside redevelopment, Vascon is also expanding its focus on EPC (Engineering, Procurement, and Construction) opportunities in Mumbai and across Western India. The company has been actively bidding for institutional and infrastructure tenders to diversify its order pipeline and build a sustainable mix of real estate and engineering contracts.
In recent years, Vascon Engineers has executed several residential, commercial, and institutional projects across India, establishing a presence in both development and EPC segments. The addition of the Saudamini project reinforces its growing footprint in Mumbai's redevelopment sector, which remains one of the company's key operational markets.
Source PTI
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