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Duville Estates formed in 2006, is a privately held company, owned by Behram Dubash, the veteran of shipping industry, Tushad Dubash – Director, Duville Estates spoke to Realty Plus about the company and its real-estate project.
Duville Estates is a part of DBC Sons; a renowned shipping company established in 1810. The Dubash family lineage dates back to four generations with inheritance of over 200 acres of land in Mumbai MMR, on the way to Pune and Pune city. Around four years back we decided to develop the land ourselves under ‘Duville Estates’ banner. ,
I am not here just to complete the project and exit, but I believe in creating landmark buildings for generations to experience.
‘Riverdale’ is Duville Estates first and only project presently and therefore revenues accruing from sales are ploughed back into the project. This makes it RERA compliant and bodes well for buyers. Also, the land on which the project is being developed is our own and so there is no loan or high interest burden, making the business model risk free.
The project is located along the banks of the Mula-Mutha River. The Kharadi-ShivaneMula-Mutha Riverside Road passes just off the Riverdale project that will pass through Kalyani Nagar where property rates are about 14,000/- psf as compared to 5900/- in Kharadi. Once the road is complete, it will take under five minutes to travel from Kharadi to Kalyani Nagar. As a result, property rates at Kharadi will spiral.
The master plan of the gated community spread across 31 acres is designed by UHA London headed by architects who had worked with renowned UK architect Norman Foster. Shapoorji Pallonji, for the first time will be doing a third party commercial in Pune.
The project has three micro-developments, the first offering being Riverdale Heights with 1 and 2 BHK apartments. The next phase, Riverdale Residences comprises three residential towers each with river-facing and garden-facing 3BHK apartments. Representing the final phase of the project, Riverdale Grand will see the introduction of plush 4 and 5 BHK options.
The development was conceived after the market research by Cushman & Wakefield so as to design product offerings as per the market demand. The important feature of the project is the space efficiency of the residential units with floor to ceiling glass windows and balconies with glass railings giving a sense of spaciousness. The 1-BHK apartments, about 417sft are priced at 48 lakhs and 2-BHK apartment’s approx.740sft are priced at 68 lakhs or so. Moreover, the glass façade buildings, double height entrance lobbies and amenities like swimming pool, children’s park, tennis court, cricket net and we have a pitch, jogging track, yoga house, club house, gym, reading room, library and a banquet hall, garden and kitchen facilities bring luxury lifestyle at an affordable price.
The whole project of about two and a half million square feet of saleable area and 14-15 buildings will take a few years to complete. Out of four 2-BHK buildings of Riverdale Heights, first two will be delivered end of July 2019 and second two buildings around August 2019. The one bedroom building will be complete by November 2019.
The subvention scheme by Duville Estates
Duville Estates in association with HDFC Ltd launched a subvention scheme for ‘Riverdale Heights’ for customers living on rent and first time buyers. The customers will have to make an initial down payment of Rs 51,000 in addition to statutory payments such as service tax, VAT and stamp duty. There is no further payment to be made for the next 24 months such as construction payments, Pre EMIs, interest etc. This scheme helps buyers to plan their finances accordingly. The company can afford to carry on such a scheme as it does not has huge borrowings and secondly, we are confident of the project and this confidence gains trust of the customers.