Crest Ventures forms JV to build realty project in Mumbai, aims Rs 1,850 cr revenue

New Delhi, Jan 10 (PTI) Mumbai-based Crest Ventures Ltd, which is into financial services and property businesses, has partnered with Vensco Projects Ltd to develop a real estate project in Mumbai with an estimated revenue of Rs 1,850 crore.

The company's subsidiary, Crest Urban Living, has entered into a Joint Development Agreement (JDA) with Vensco Projects LLP for the development of a premium mixed-use project in Chembur, Mumbai.

The project is spread across 11,000 square metre.

In a statement on Saturday, Crest Ventures said the company will develop a luxury mixed-use residential project on this land parcel.

The project will have an estimated sales value or Gross Development Value (GDV) of about Rs 1,850 crore, it added.

The company did not disclose the investment to develop this project.

The 2.5-acre project will have a total saleable area of nearly 5 Lakh square feet.

Vijay Choraria, Managing Director, Crest Ventures, said, "Our upcoming project on Chembur's Golf Course Road represents a new chapter in Mumbai's luxury residential evolution." Currently, Crest Ventures is developing multiple housing projects across Mumbai and other parts of India.

To date, the company has delivered over 10 million sq. ft of residential, commercial, and mixed-use developments across major Indian cities.

In partnership with The Phoenix Mills Ltd, it has developed retail and mixed-use destinations across Chennai and other key markets.

Crest Ventures is a Non-Banking Finance Company registered with the Reserve Bank of India (RBI). The company operates across two primary verticals -- real estate and financial services. PTI MJH HVA