In a significant real estate transaction involving Slum Rehabilitation Authority (SRA) scheme clubbing, Unnatam Properties Private Limited has acquired 8,153.40 square metres of Permanent Transit Camp (PTC) Sale Floor Space Index (FSI) from Parinee group entities for a total consideration of Rs 159 crore. The agreement, executed on 6 August 2026 and registered with the Joint Sub-Registrar, Mumbai, enables Unnatam to utilise the additional free-sale FSI for redevelopment of two cooperative housing societies in the prime Khar-Bandra belt while Parinee constructs the corresponding transit component in Kandivali (West).
The documents have been provided by CRE Matrix – A Real Estate Data Analytics Firm.
Parties and Background
The agreement is between Parinee Real Estate Builders Private Limited (PREBPL) and Parinee Contour Construction Private Limited (PCCPL) — collectively referred to as Parinee — on one side, and Unnatam Properties Private Limited (the Developer), having its registered office at Birla Aurora, Level 8, Dr Annie Besant Road, Worli, Mumbai, on the other.
Parinee earlier held development rights for:
- Bharatiya Bhavan Cooperative Housing Society Limited (Society 1) at 17th Road, Khar (West) — land admeasuring 2,837.20 sq m (Plot Nos. 653-654, TPS III, CTS No. E/116) with existing G+2 buildings comprising 36 residential flats and one outhouse.
- Anmol Cooperative Housing Society Limited (Society 2) at Bandra — land admeasuring 778.40 sq m (Plot No. 480, Town Planning Scheme VII) with a G+5 building having 15 flats and 4 garages.
PCCPL is developing a larger SRA scheme on land bearing CTS No. 471A (part) at Babrekar Nagar, Kandivali (West), measuring approximately 5,791.61 sq m under Regulation 33(10) of the Development Control and Promotion Regulations (DCPR) 2034.
Through successive Letters of Intent (LOIs) culminating in a Clubbing LOI dated 18 June 2025 and a Revised LOI dated 15 May 2026, the SRA approved clubbing of the Kandivali SRA scheme with the Khar scheme. This allowed transfer of the PTC Component obligation (8,153.40 sq m) to the Kandivali site and corresponding loading of equivalent PTC Sale FSI onto the Khar/Bandra larger property for free sale.
Key Terms of the Agreement
Under the agreement, Parinee has sold, transferred, conveyed and assigned the entire 8,153.40 sq m PTC Sale FSI (loaded on the Khar scheme) to Unnatam for utilisation in the free-sale component of the redevelopment project on the Society Larger Property. In return, Parinee has undertaken to construct the PTC Component in the rehab/composite buildings on the Kandivali SRA land, obtain occupation certificate, and hand it over to the SRA.
Unnatam is already entitled to sole development rights over the Society Larger Property pursuant to earlier redevelopment and supplementary agreements executed in March 2026.
Stamp duty of Rs 4.77 crore (calculated at 3% under Article 25(a) of the Maharashtra Stamp Act, 1958 on the Rs 159 crore consideration) has been paid, along with registration and document handling charges. A mortgage earlier created by PCCPL in favour of a lender over its development rights has been released prior to this transaction.
Payment Schedule
The total consideration of Rs 159 crore (subject to TDS) is payable by Unnatam to PCCPL (at PREBPL’s instructions) as follows:
- Rs 10 crore already paid prior to execution (cheque dated 25 March 2026).
- Rs 10 crore paid on receipt of Intimation of Approval (IOA) for the PTC buildings (RTGS dated 27 July 2026).
- Rs 10 crore within 15 working days of environmental clearance (MoEF).
- Rs 10 crore within 15 working days of Commencement Certificate (CC).
- Balance Rs 119 crore linked to construction milestones of the PTC buildings (as per Annexure A), including completion of successive slabs (2nd to 20th), receipt of occupation certificate, and final handover of the PTC Component to SRA. Payments are subject to verification by a project management consultant appointed by Unnatam.
If CC is obtained before MoEF clearance, the two Rs 10 crore tranches become payable together as Rs 20 crore.
Timelines and Obligations
From the Effective Date (6 August 2026):
- Revised IOA for the PTC Component: within 3 months.
- Commencement Certificate: within 6 months.
- Full construction of PTC buildings (including the 8,153.40 sq m PTC Component), occupation certificate, and handover to SRA: within 36 months, with a 6-month grace period (Completion Date).
All costs of construction, approvals and handover of the PTC Component are to be exclusively borne by Parinee. Delay attracts 18% per annum interest on amounts already paid by Unnatam, recoverable by adjustment against Parinee’s entitlement under the larger redevelopment agreements. Prolonged default can trigger de-clubbing of the schemes or obligation on Parinee to procure equivalent FSI from elsewhere/open market, with refund of amounts paid plus interest.
Unnatam has the right to appoint a PMC to monitor progress and certify milestones. Parinee has given extensive representations regarding clear title to the FSI, absence of encumbrances, validity of the LOIs, and non-applicability of RERA registration to this free-sale FSI component.
Important Aspects of the Deal (Bullet Summary)
- FSI Transferred: 8,153.40 sq m free-sale PTC Sale FSI from Kandivali SRA scheme loaded onto Khar-Bandra larger property.
- Consideration: Rs 159 crore total, paid in staged milestones tied to approvals and construction progress of the PTC buildings.
- Schemes Involved: Clubbing of Kandivali (West) SRA scheme (CTS 471A part) with redevelopment of Bharatiya Bhavan CHS (Khar West) and Anmol CHS (Bandra).
- Developer: Unnatam Properties Private Limited (Worli-based) gains absolute right to utilise the additional FSI for free-sale development.
- Seller Obligation: Parinee must complete and hand over equivalent PTC Component (8,153.40 sq m) to SRA within ~3–3.5 years.
- Stamp Duty: Rs 4.77 crore paid and adjudicated by the Collector of Stamps, Andheri.
- Risk Mitigation: Interest on delay, de-clubbing rights, PMC oversight, and clear title warranties protect the buyer.
- Policy Context: Transaction leverages SRA’s clubbing mechanism under DCPR 33(10) and 33(11), allowing sale FSI in high-value locations against transit construction in suburban/slum pockets.
The deal underscores how SRA clubbing is increasingly being used to monetise additional FSI for private redevelopment of older cooperative societies in Mumbai’s western suburbs while fulfilling transit obligations elsewhere. Both the free-sale project on the Society Larger Property and the PTC construction remain subject to all applicable SRA, planning and environmental clearances.
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