Mumbai: Ashar Group has secured Occupation Certificates (OCs) for two redevelopment projects in Mumbai Metropolitan Region (MMR) — Ashar Arize in Kalwa, Thane, and The Legend by Ashar in Pali Hill, Bandra — approximately 20 months ahead of their registered RERA completion timelines.
The projects together account for the delivery of more than 1,200 homes, marking a notable milestone in MMR’s redevelopment segment, where project delays continue to remain a key industry concern.
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According to ANAROCK data cited by the company, over 40% of under-construction housing inventory in MMR has experienced timeline overruns.
Ajay Ashar, Chairman & Managing Director, Ashar Group, said, “We entered this business in 2001 with one conviction: that in real estate, your word is your most valuable asset. OC is where that word is finally tested. Delivering two projects 20 months ahead of RERA is the compounding result of a lot of focus, hard work and integrity – from the day we signed the DA to the day of possession.”
Ashar Arize, located in Kalwa, Thane, was launched in April 2022 with a RERA-registered completion timeline of 2027. The project spans approximately four acres and includes 40-storey residential towers offering 1 and 2 BHK apartments.
The development also includes nearly 20,000 sq. ft. of high-street retail space, with brands such as Lenskart and Clove Dental, along with amenities including an infinity pool, clubhouse, gymnasium, sports courts, children’s play areas, and elevated sky amenities.
The second project, The Legend by Ashar in Pali Hill, Bandra, is positioned in the luxury redevelopment segment. The company stated that securing an OC ahead of schedule in Bandra reflects execution capability in a complex redevelopment environment.
Ayushi Ashar, Director, Ashar Group, said, “What separates greenfield projects from redevelopment is the unglamorous discipline of approvals, consent management, construction sequencing and cash flow management. Delivering ahead of schedule, across Bandra and Kalwa, in the same cycle requires a systematic organizational approach. We have built that system deliberately and we are excited to expand our redevelopment portfolio across MMR.”
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Redevelopment projects in Mumbai typically involve factors such as legacy structures, occupant consent processes, municipal approvals, and construction within dense urban areas. Industry estimates indicate that redevelopment contributes nearly 60–65% of new housing supply across Mumbai city and older suburban regions.
