Redevelopment

ASK Property Fund, the real estate private equity division of the Blackstone-backed ASK Asset & Wealth Management Group, has committed ₹190 crore to Kalpataru’s upper mid-income housing project in Borivali, a prominent Mumbai suburb.

The largest slum in India, Dharavi, is undergoing a tremendous change. Adani Group and state government joint venture Dharavi Redevelopment Project Ltd. (DRPPL) has chosen 540 acres of suburban property to move 'ineligible' inhabitants for free homes.

Chief Minister Eknath Shinde said that Mumbai will give TDR of up to 10 stories for airport funnel zone building rehabilitation. Redevelopment has been impeded by height constraints as most buildings in this area are 3-4 storeys. This government strategy promotes urban renewal.

The Dharavi Redevelopment Project Pvt Ltd (DRPPL), led by Adani Realty, seeks 334 tenements from government agencies like SPPL and Mhada to relocate residents and continue redevelopment. Negotiations are ongoing, with Mhada demanding Rs 641 crore in construction costs and interest.

Paradigm Realty plans to redevelop 11 housing societies in Bandra and Kandivali, Mumbai, with a revenue potential of ₹4,500 crore. Over 2.8 million sq ft will be covered by the projects.

With its Thane project, Dosti Realty is pioneering large-scale social regeneration. This ambitious makeover, with a BUA of 6 to 6.5 lakh square feet, is expected to produce Rs 430 crore. Opening in 2024-25, the project is scheduled to finish in 2027.

MICL has announced plans for a massive redevelopment project in Bandra's Pali Hill neighbourhood. This project, which houses Bollywood star Aamir Khan, will alter the region.

Roha Realty and Sabari Group are partnering to revolutionise luxury living in Chembur with sustainable homes and modern facilities. This joint venture contains a 6 lakh sq-ft real estate project with a Rs 1000 crore revenue target. The project will begin in Q1 FY 24-25.

Bangalore-based Puravankara, one of India's largest real estate developers, won the redevelopment rights for two Lokhandwala, Andheri west housing complexes. Puravankara's initial venture into western suburb redevelopment with this purchase is notable.

According to the Development Control Regulations for Greater Mumbai, Maharashtra has launched a cluster redevelopment project to revitalise Mumbai.

The BMC has devised a policy that has been conceptualised and planned in order to facilitate their pursuit of successful redevelopment and prevent them from making the incorrect decision.

It is imperative that all members choose a developer for redevelopment carefully to avoid problems later.

On August 1, 2023, Pune-based Kolte Patil Developers Limited (KPDL) announced two new society re-development projects in Bangur Nagar, Goregaon west, Mumbai's western suburbs.

Ashar Group to Redevelop Pali Hill Bungalow of Bollywood Legend Dilip Kumar in Bandra West

For its cluster development initiative in Mumbai, the Maharashtra government has given a one-year premium waiver for real estate developers at the rate of 50 percent. The action will likely facilitate the revitalization of older buildings in the city.