The Group's first fully integrated Mixed Use development in Mumbai would be located in Dadar.
Dubai: Business conglomerate Wadia Group, which has recently established its realty arm Bombay Realty, will bring its flagship project for the NRI community in Dubai at the Indian Property Show to be held between December 13-15, a company statement said.
The Group's first fully integrated Mixed Use development in Mumbai known as the Island City Center (ICC) would be located in Dadar.
Commenting on the project, Jeh Wadia, Managing Director, The Bombay Dyeing & Manufacturing Co Ltd said: "The Group has, around 70 acres of land in the heart of the city. With the launch of Mixed Use project 'The Island City Center' we are offering a lifestyle that provides the ability to live, work and play. All at one place."
The Island City Center aims to provide a better quality of life to its residents, by saving them a couple of hours of commute every day, which they can then spend with their family and friends, he added.
A development spread across 29 acres of land will consist of luxury residences, offices, 5-star hotel, serviced apartments, a high street, a mall, an international school and 6 acres of green landscape, he added.
Durgesh Mehta, joint Managing Director, The Bombay Dyeing & Manufacturing, said luxury housing is emerging as one of the most vibrant and dynamic real estate segments in India.
"The growing demand for luxury housing can be attributed to the rise in the number of HNIs, the rapid pace of urbanisation, the influx of global lifestyle trends and fast-growing service industries propelling many middle-income group individuals into the HNIs bracket," he said.
He added that NRIs are inclined toward luxury developments like these as they get used to luxury lifestyle in international cities like Dubai.
According to Mehta, the recent fall in the value of the Indian rupee in the global financial markets has boosted Non-Resident Indian (NRI) buyers' interest in investing in luxury housing and encouraged most celebrated developers to launch projects with exceptional facilities.
The project also features a 20:80 finance scheme (for a limited time) where one only pays 20 percent upfront and 80 percent on possession. The towers have also been approved by leading financial institutions, the statement said.