Mumbai-based Crest Ventures Ltd has partnered with Vensco Projects LLP to develop a premium real estate project in Mumbai with an estimated revenue potential of Rs 18.5 billion.

Crest Ventures said its subsidiary, Crest Urban Living, has entered into a joint development agreement with Vensco Projects LLP for a luxury mixed-use project in Chembur. The development will come up on an 11,000 sq metre land parcel and is planned as a high-end residential-led mixed-use project.

The project is spread over around 2.5 acres and will have a total saleable area of nearly 0.5 million sq ft. The company said the estimated gross development value of the project stands at about Rs 18.5 billion, although it did not disclose the investment required for the development.

Vijay Choraria, managing director of Crest Ventures, said the upcoming project on Chembur’s Golf Course Road marks a new phase in the evolution of Mumbai’s luxury residential market.

Crest Ventures is currently developing multiple housing projects across Mumbai and other parts of the country. To date, the company has delivered more than 10 million sq ft of residential, commercial and mixed-use developments across major Indian cities.

In partnership with The Phoenix Mills Ltd, Crest Ventures has also developed several retail and mixed-use destinations in Chennai and other key markets. The company is registered as a non-banking finance company with the Reserve Bank of India and operates across two core verticals—real estate and financial services.