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Mumbai: The redevelopment fever has now gripped some of the top housing societies in silk stocking enclaves of south Mumbai such as Malabar Hill, Walkeshwar, Napean Sea Road and Altamount Road.
These are upscale neighborhoods where new apartments sell for over Rs 1 lakh per sq ft. And chasing these societies, several A-list developers in the city are rushing to submit their bids to bag lucrative redevelopment projects.
in Bandraaffluent neighborhood of pali hill, Carter Road And Mount Mary, where property prices are among the highest among suburbs, has several upscale societies ready for redevelopment, many of which have already tied up with top builders.
On Narayan Dabholkar Road in Malabar Hill, Palmyra Cooperative Housing Society (Pleasant Palace) is situated on a 1.5-acre sea-facing plot. The society, which has 47 members and had acquired the land in 1971, recently acquired builder CL Raheja’s K.K. Redevelopment rights given to Raheja Corp. The sales component, estimated to be around Rs 2,000 crore.
On Anstee Road, Mehar Apartment Co-op Society attracted several Grade A developers when it invited bids for redevelopment. The bids will be opened on January 3, 2023. Residents occupy flats ranging from 1,300 sq ft to 2,300 sq ft and are expecting 50% additional space in the new construction, a flat owner told TOI. The society has 76 apartments in two buildings. “The Society proposes to redevelop its Residential Its bid document states that the building using full FSI capacity on net plot area and permissible compensatory area.
Raheja, Rustomjee among marquee names for redevelopment
Some housing societies in South Mumbai are tying up with top builders to redevelop their buildings. Among them is Giriraj, a housing society next to Mehar Apartments on Altamount Road. It is learned that the redevelopment rights of new deluxe apartments in the same neighborhood have been acquired by JSW.
Raja Shripal Society on Napean Sea Road recently invited bids to appoint project management consultants and architects for the redevelopment of its over one-acre plot, which has two wings of ground-plus 14 floors and 115 members.
Supposedly Off Breach Candy, Saidel Co-op Society (formerly known as Pratibha Co-op Housing Society) has approached KBK Developers (Rajendra Kothari) for a new tower on a plot of about two acres in Sophia College Lane. ) has signed an agreement with The 36-storey tower, which was demolished three years ago, had become infamous for FSI violations in the 1980s.
On Mount Mary Road in Bandra (West), K Raheja Corp has acquired the rights to redevelop the Balmoral Apartment Society, which houses 43 members. The Raheja family also acquired the redevelopment rights for two housing societies on Pali Hill; Queens and the Grand Canyon.
Sea View Palace Society, located at Pali Hill, is believed to have appointed Evershine Builders for the redevelopment of its building, while Parisharam in the same area has handed over its project to Rustomjee Developer. Pali Hill Daffodils Society is being redeveloped by Prestige Estates, which bought over 12 flats in the building for Rs 98 crore. Work has recently started on the plot of Dilip Kumar’s old bungalow. The developer, Asar Group, is building an 11-storey luxury tower. Members of the Cozy Home Society, which probably has the largest area in Pali Hill (2.75 acres), have also started discussions on redevelopment.
Oberoi Realty has won the redevelopment rights for Oceanic Building, on the sea-facing Carter Road in Bandra.
Abhishek Lodha, managing director of the Lodha Group, said the dilution of Coastal Regulation Zone (CRZ) regulations and construction benefits introduced under the new development control regulations have opened up many societies along the shoreline for redevelopment. “Society prefers A grade developers because of the experience with many small developers who were unable to complete projects,” he added.
Anarock Group chairman Anuj Puri said there has been a lot of attraction for quality builders who have learned to navigate the redevelopment process. “Previously, they weren’t really involved in community redevelopment, but many have realized that they can bring the best value to community members,” he said.
Pankaj Kapur, MD, Liases Foras, a property research firm, said: “Several societies in ultra-premium locations such as Altamount Road, Carmichael Road, Walkeshwar and Worli are going in for redevelopment, which shows that the demand for ultra-luxury units will increase.” There will be an increase in supply. The future in these micro-markets.” The per sq ft price of these locations is over Rs 85,000 per sq ft, and most of the supplies are in a unit cost of over Rs 25 crore, he said.
The registration data shows 134 transactions where the unit cost was more than Rs 25 crore in the last 12 months. Of these, 58 units were from new sales (primary market), the rest, 73, were resales. “New supply prospects in an uncertain macroeconomic environment indicate further stress in the ultra-luxury segment. As per our estimates, there are around 75,000 homes in Mumbai costing more than Rs 25 crore,” he added.
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