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The Runwal Group, a real estate company, has announced its entry into the commercial real estate sector with a plan to develop over 10.5 million square feet of office spaces in Mumbai and Pune. The company has already started work on its Kanjurmarg project Runwal Commerz and Runwal Edge in Dombivli, with nearly 1 million sq ft in development. The projects will be developed in phases and will include premium residential projects, large open green spaces, and retail components.
The Runwal Group, a real estate company, has announced its entry into the commercial real estate sector with a plan Advertisement
to develop over 10.5 million square feet of office spaces in Mumbai and Pune. The company has already started work
on its Kanjurmarg project Runwal Commerz and Runwal Edge in Dombivli, with nearly 1 million square feet in
development. The projects will be developed in phases and will include premium residential projects, large open green
spaces, and retail components.
The company plans to invest in the developments through a mix of internal accruals and debt. Runwal Commerz,
located on a 13-acre plot close to Mumbai's Metro line 4 and 6's interconnection, will be part of a 36-acre integrated
township Runwal City Centre, with a total of 3.5 million square feet commercial development across three towers.
Runwal Edge in Dombivli will be part of a large integrated township Runwal Gardens, spread over 115 acres, with a
total of six towers across three phases.
The Viman Nagar project in Pune will see development of 1.5 million square feet on a 10-acre land parcel owned by
the company. The company plans to design these projects with the Walk to Work concept, with sustainable living as
the core focus, offering occupants and residents a range of premium facilities along with green surroundings in the
vicinity.
The company has already developed and delivered over 50 projects spread over 25 million square feet in Mumbai
Metropolitan Region (MMR) and has over 23 million square feet under construction. The government of Maharashtra
is working towards connecting major nodal centres in and around Mumbai and is preparing a special plan for the
metropolis' transportation infrastructure.
The new infrastructure projects and expected improvement in connectivity are transforming the commercial real estate
landscape in and around Mumbai, with newer locations witnessing rising preference among occupiers. The ongoing
transit infrastructure development in Mumbai region is expected to unlock development potential of over 136 million
square feet, said a recent report.
According to Subodh Runwal, managing director, Runwal Group, the premium office spaces will cater to businesses
in Mumbai and surrounding areas of Navi Mumbai, Thane, and Kalyan. HDFC Capital was one of the key investors in
Runwal's Kanjurmarg and Dombivli township projects and received a complete exit in 2022. The group's projects also
count international investors including Apollo Global and KKR.
Runwal Group's foray into the commercial real estate market is a significant step that highlights the company's
aspirations for expansion. The firm intends to make significant investments in creating integrated townships and high-
end office buildings that are sustainable and provide residents and occupants with a variety of first-rate amenities. The
demand for commercial real estate is anticipated to increase because of the continuing infrastructural development in
the Mumbai region, and Runwal Group is well-positioned to capitalize on this growth potential.
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