Worli Rehabilitation Project: The Dynamix Group joined hands with top Mumbai builders for a large residential project


The outbreak of the novel coronavirus in January 2020 has resulted in a halt to life as we knew it. From nationwide lockdowns to economies crumbling down, all sections of society and industries have been severely hit. The real estate industry is no exception to this. A fall in the property prices, lack of consumers and a pause on the construction projects ensued a downfall of the real estate industry in the past two months.

However, the scenario is not as grave as it seems. According to studies, it is predicted that the lower rates of properties and a fall in the decrease in the interest rates on loans, will lead to more people investing in properties as we move away from the pandemic. Top builders in Mumbai are witnessing a rise in the interest shown by prospective buyers. Cementing this report is the first construction deal in the country since the COVID-19 lockdown: a joint venture between Godrej Properties and Akshaya Sthapatya (ASPL). The project involves developing over 1.1 million sq ft residential project at Worli, Mumbai.

The project has been designed at a profit-sharing basis between the two entities. ASPL has a number of stakeholders including the renowned Dynamix Group, Aniline, and Satellite Group. The Dynamix Group, Mumbai is a leading developer that is known for its residential and commercial properties in Mumbai and Goa. The group was established in 1970 by Late Mr. KM Goenka and is now headed by his son, Mr. Vinod Kumar Goenka. The Dynamix Group has taken over several construction projects that have gained popularity. The Gokuldham and Yashodham residences in Goregaon East have helped several middle and lower-income groups to own homes in Mumbai suburbs, who otherwise faced an acute shortage of affordable housing in the area. As a leading real estate developer in Mumbai, The Dynamix Group has also worked on luxurious properties that have redefined the art of living. Areas such as Vasant Vihar in Thane West, Panchsheel Enclave in Kandivali West and Shristi in Mira Road have been spectacularly developed by the developer.

In the new joint venture between Godrej Properties and ASPL, Dynamix Group will assist in the execution of the rehabilitation part of the project while Godrej Properties will undertake the free scale component. The project was initially started in 2002, with other partners that are no longer part of the project, but was stuck over the years due to regulatory issues over Coastal Regulation Zone (CRZ) norms.

The land parcel is a part of the project which is spread over five acres and includes the rehabilitation of over 1500 families that have been residing in slum dwellings.

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