EON Gp to develop 5,000 sq m land parcel
into luxury mixed-use complex in Mumbai

Mumbai, October 2022: EON Group (formerly known as Siddharth Group) is has announced
that it has added a 5,000 sq. meter land parcel in Mumbai’s Prabhadevi location to its portfolio
of assets, where it plans to develop a luxury mixed-use complex.

A press release issued by the company says that, the land parcel is located on New Prabhadevi
Road and is strategically surrounded by the main road on all sides along with marquee
properties Sheth Beaumonde and Rustomjee Crown in close proximity. The well-connected
location will allow easy access to Mumbai’s major hubs of BKC, Worli and Lower Parel.

This is a tenanted property that is targeted to be executed as a redevelopment scheme with the
potential for a combination of residential and commercial towers exceeding 2.0 lakh sq. ft of free sale area. The property currently has approximately 250 tenants. The value of the asset as per prevailing market rates is in excess of Rs 100 Cr.

EON Group plans to develop the project within 4-5 years and the overall investment will be in
excess of Rs 250 Cr subject to the finalization of architectural plans and necessary approvals.
The investment is planned to be funded by a combination of internal accruals as well as
institutional investment.

Bharat Shah, Chairman, EON Group, stated, “The unique fundamental advantages of this land parcel make it a promising candidate to become an eminent landmark. It is very rare to find a property that is main road-surrounded in Mumbai, especially in such a well-connected and rapidly evolving locale such as Prabhadevi. This development is well-suited to become a thriving live-work-play complex.”

Palash Shah, Managing Director, EON Group, added, “This is our second project in Prabhadevi and we are confident about the micro-market’s centrality in Mumbai’s overall growth story. Our outlook on the housing market remains positive and strong, and this project is a valuable addition to our robust pipeline as we continue to cater across the residential spectrum.”