Royal India Corp Ltd (RICL) starts "Kalyan Marina," a 450 Cr mega project
Royal India Corporation Limited (RICL) has announced the commencement of work on the highly anticipated Kalyan Marina, a colossal venture of INR 450 crore and will generate revenues of INR 175 crores. This ambitious project, spanning across a sprawling 2.2 acre plot marks a significant milestone in the organisation’s commitment to creating luxurious living spaces.
The project is set to kickstart in May 2024 which will breathe new life into modern living in Kalyan. A monumental development of 5 lakh square feet aims to offer spacious living spaces coupled with world-class amenities, setting new standards of comfort in the region. Additionally, integrated within this visionary endeavor will be commercial spaces providing convenient access to essential services and enhancing the overall lifestyle experience.
Kalyan Station, poised to become a super station, has garnered resounding endorsement from the Prime Minister himself. The anticipated upgrade, estimated at 900 crore ($121m), will segregate tracks for suburban local trains and express trains, enhancing punctuality and minimizing passenger inconvenience. Adding to the allure of this burgeoning hub is the Kalyan Marina, just a brief 2-minute walk from the station.
Key investors in this venture include industry stalwarts Sunder Iyer and Mangal Keshav’s family offices, whose vision and expertise further reinforce the project's potential for success, they will be the largest non-promoter share holders after the preferential issue of INR 100 crore which is due to open post 25th April (subject to approvals from the exchanges). The promoters are also increasing their stake in the company by 5% from the following preferential offer.
"Our commitment to crafting extraordinary living experiences for our discerning clientele shines through in this project," shared Manoj Punamiya, CEO of Royal Indian Corporation Limited (RICL). "With this endeavor, we aspire not only to deliver luxurious accommodations but also to enrich the burgeoning landscape of Kalyan as a premier real estate destination."
Situated strategically in prime locations, Royal India Corporation Limited’s (RICL) previous ventures such as Vertu in Wadala and Coitre D in Matunga have garnered widespread acclaim for their superior craftsmanship and attention to detail. As Kalyan continues to emerge as a prominent real estate destination, the Kalyan Marina will drive further regional growth and development, characterized by luxury, convenience, and connectivity.