CCI Projects, an associate company of Cable Corporation of India, has ventured into real estate business with the announcement of their first flagship project called ‘Rivali Park’ situated near National Park, Borivali (east), Mumbai.
The project is spread over a 22 acre plot, belonging to the Cable Corporation of India, will be developed by CCI Projects and G-Corp. The total investment in the project is pegged at over Rs 1,000 crore and the construction is going to be a mix-use (residential, commercial, mall and auditorium) property off Western Express Highway, Borivali.
The complex will accommodate around 1,600 families. The residential complex has been designed in four clusters. A mix of low and high-rise towers from seven to 50 floors, 2 and 3 BHK apartments, penthouses and duplex apartments and villas, are on offer.
Each cluster will have an individual courtyard with seating nooks and walking paths, in addition to substantial 3-level parking space, according to the company. “Rivali Park will offer a mix of residential, commercial, retail, hospitality and cultural spaces. All statutory clearances have been obtained and the project has already been launched. Bookings commenced for Phase I, a residential complex, on March 16, 2010, and all the apartments have been sold out, the developers said.
Phase I is expected to be completed in about 36 months. The residential complex will be followed by retail, entertainment, commercial and hospitality units in subsequent phases. The total project is expected to take about six to seven years to complete. “Our advertising and marketing expenditure is around Rs 2-4 crore,” said Harjith Bubber, CEO and MD, CCI Projects.
G Corp Group, a pan India conglomerate with a network spread across 10 major cities and projects spanning 30 million sq ft, is the development manager of Rivali Park. “CCI’s policy is to employ the best talent by outsourcing key roles to professional consultants and project managers. At present, its own staff strength is 12. This number is expected to rise about 25 during the advanced stages of the project,” added Bubber for good effect.
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