The Dynamix Group’s latest venture: A major sea-view residential project in Worli


Godrej properties and Akshaya Sthapatya (ASPL) have entered into a joint venture to develop a 1.1 million square ft. residential project at Worli, Mumbai along with prominent real estate developers such as Satellite Group, Dynamix Group, and Aniline that happen to be the key shareholders of ASPL. As per the new agreement, through Dynamix and Satellite, ASPL will undertake the rehabilitation part of the project, located next to the National Sports Club of India (NSCI) and the Godrej Group will execute the free-scale component of the project.

The sea view project is the first such deal in the country since the outbreak of the COVID-19 pandemic which resulted in a disruption of the work and demand in the real estate sector. The real estate sector has been one of the major industries to be impacted by the coronavirus, resulting in the fall of interest rates, commercial and residential prices, and a halt on the sites under construction. Although the negative implications of the pandemic can be strongly felt across the country, the real estate development in Mumbai is likely to see a gradual rise in Unlock 1.0. Given the low-interest rates on housing loans and a drop in the property prices, a number of people believe this to be a good time to make an investment.

The project transaction is envisaged on a profit-sharing basis between Godrej Properties and ASPL. The project was initially started back in 2002 with a few other partners that are no longer part of the project. The initiation of the project was stuck due to regulatory issues related to the Coastal Regulation Zone (CRZ) norms. The project revenue is estimated to be around Rs 3500 crore based on a lower range of market price of Rs 3500 per sq ft and one million sq ft development potential. The profits from the project will be shared by each of the parties involved after factoring the cost.

The Dynamix Group, one of the top builders in Mumbai, has a major role to play in this residential project. The Group is dedicated to design and innovation that inspires aspirations for a new era in real estate. It is renowned for its residential and commercial projects in Mumbai and Goa. This real estate giant was established in the 1970s by late Mr. KM Goenka and has grown to become a leading developer in the country. 

The Dynamix Group, Mumbai has taken up several housing projects ranging from luxurious properties to residential developments in Gokuldham and Yashodham in Goregaon East that helped alleviate the shortage of affordable housing options for the lower and middle-class income groups. Given the projects led by the group, they have a lot to offer in this new venture between Godrej properties and ASPL.

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