Duville Estates to invest crores on housing projects in Pune
Mumbai-based Duville Estates has forayed into real estate business and is developing three housing projects in Pune with an investment of Rs 500 crore. Duville Estates is a privately held company of DBC group, owned by Behram Dubash. The group is engaged in many businesses including shipping. It has now entered real estate business to monetise land parcels bought at historical cost.
“We are developing three housing projects, comprising 1,150 units, in the first phase of this 31-acre township project ‘Riverdale’. This is located on the banks of the Mula Mutha River in Kharadi, Pune,” Duville Estates Director Tushad Dubash told.
The first project ‘Riverdale Heights’, comprising 580 units, is expected to be delivered this year, he said, adding that about 80 per cent of flats have already been sold.
“We have launched two more projects Riverdale Residences and Riverdale Suites comprising 300 units and 270 units, respectively. Both these projects will be completed by 2021,” Dubash said.
Asked about the investment, he said, “land we already own at a historical price, we will be spending about Rs 500 crore on construction of these three projects.”
The investment is being funded through internal accruals, advances from customers and construction finance.