Satra Properties (India) announced an initial investment of Rs 10 billion towards developing real-estate in Mumbai. According to chairman and MD, Praful Satra of Satra Group, the expansion plan for the next 5 years includes developing of a total of 4 million sq. ft, delivering more than 1000 units of residential and commercial space.

With the increasing demand for luxury housing in South and Western Mumbai, Satra Buildcon, subsidiary of the company is set to launch its ultra-luxurious residential project 'Limited Edition -88' near Bandra Sea Link, involving an investment of Rs 2.50 billion. The project has a potential to generate revenue of about Rs 5.50 billion over a period of 2-3 years on consolidated basis.

Shares of the company gained Rs 0.99, or 10.88%, to trade at Rs 10.09. The total volume of shares traded was 34,210 at the BSE (10.16 a.m., Thursday).