The information has been provided by CRE Matrix – A Real Estate Data Analytics Firm.

Background of the SRA Scheme

The source property is a long-standing slum area in Village Majas, K/East Ward, Jogeshwari (East), Mumbai, declared a slum in 1985 under the Maharashtra Slum Areas Act. Parth Construction was appointed developer by Shiv Prema Co-operative Housing Society (Proposed) in 2005. After multiple revisions, the Slum Rehabilitation Authority (SRA) issued the latest Letter of Intent (LOI) and Intimation of Approval (IOA) in 2025-26 for a Composite Building comprising four wings (A, B, C & D).

The sanctioned scheme provides for rehabilitation of 470 eligible slum dwellers plus Project Affected Persons, along with social amenities (balwadis, welfare centres, health centres, library, community hall, society offices and temples). The Composite Building has 534 rehab premises and 700 sale premises. Parth has already vacated the slum dwellers and commenced construction.

What Keystone is Buying

Under the agreement, Parth is transferring 8,800.74 sqm of sale FSI generated from 176 units located in Wings B, C and D of the Composite Building. These units will be handed over to SRA as Permanent Transit Camp (PTC) accommodation. In return, the corresponding sale FSI will be clubbed and loaded onto Keystone’s Versova project under the provisions of DCPR Regulation 33(10) and 33(11) via a Revised LOI from SRA.

Keystone already holds development rights over its Andheri (Versova) plot through a separate Development Agreement and Power of Attorney executed with Westcoast Co-operative Housing Society Limited in March 2025. This additional FSI will significantly enhance the sale component of that project.

Consideration & Milestone-Linked Payment Structure

The total consideration of Rs 143.45 crore is payable in multiple tranches strictly linked to construction and approval milestones of Parth’s Composite Building:

• Rs 7.17 crore on execution & registration + Clubbing Letter
• Rs 7.17 crore on issuance of Revised LOI
• Rs 11.48 crore on obtaining vacant possession of the slum plot
• Rs 8.61 crore on plinth completion
• Multiple tranches of Rs 5.74 crore each on completion of 1st, 4th, 7th, 10th, 13th, 16th, 19th & 22nd floor slabs, terrace slab, OH tank & LMR, internal plaster/flooring/doors/windows, external plumbing/plaster/elevation/terrace waterproofing
• Rs 8.61 crore on completion of staircase, electrical, lifts, STP etc.
• Rs 4.30 crore each on Final CFO & STP NOC, road/nala setback handover, rehab/PAP allotment & handover, Occupation Certificate, and Consent to Operate from MPCB
• Final Rs 5.74 crore on handing over of PTC to SSP and required NOCs

Parth’s architect will certify each milestone, and Keystone has 15 days to verify and release payment. The agreement explicitly states that no other amounts are payable beyond this schedule.

Legal & Registration Process

The document was adjudicated under the Maharashtra Stamp Act. After a notice, Keystone voluntarily paid stamp duty of Rs 8,60,71,237 (Eight Crore Sixty Lakh Seventy-One Thousand Two Hundred Thirty-Seven). Registration fee of Rs 30,000 and document handling charges of Rs 4,400 were also paid. The agreement has been registered at the Joint Sub-Registrar, Mumbai.

The agreement contains standard protective clauses on Force Majeure, indemnities, dispute resolution (mediation first), and clearly demarcates that all benefits, incentives and future policy changes related to the transferred Sale FSI belong exclusively to Keystone.

Significance

This transaction allows Parth Construction to monetise a portion of its entitled sale FSI at an early stage while retaining the balance sale component and full responsibility for rehab construction and handover. For Keystone, it provides ready additional FSI that can be immediately loaded onto its Versova project, potentially improving viability and timelines.

Such large-scale FSI clubbing deals between established developers are becoming increasingly common in Mumbai’s SRA and redevelopment market as they help optimise FSI utilisation across projects and bring financial discipline through milestone-linked payments.

Squarefeat India will continue to track the progress of both the source SRA scheme and Keystone’s Versova project for updates on approvals, construction status and homebuyer implications.

Also Read: HC Exposes SRA-Developer Collusion in Worli STP Land Grab

The post Rs 143.45 Cr FSI Deal: Keystone Buys from Parth in Andheri SRA Project appeared first on Square Feat India.

The dilapidated colony, originally built between 1990 and 1992 under the Prime Minister’s Grant Project (PMGP), comprises 17 buildings of ground plus four storeys. It houses a total of 984 tenements — 942 residential and 42 non-residential — spread across approximately 27,625 square metres.

According to structural audit reports, the colony has severely deteriorated over the years. Under the new redevelopment plan, all eligible residents will be rehabilitated into modern homes with a carpet area of 450 sq. ft., a significant upgrade from the existing 180 sq. ft. units. The project is to be executed by MHADA’s Mumbai Board under the leadership of MHADA Vice President and CEO Sanjeev Jaiswal, with a completion timeline of approximately three and a half years.

A Troubled Past Redeemed

The redevelopment of the PMGP Colony has seen multiple delays. In 2010, the housing societies appointed a private developer, but due to years of inaction and no visible progress, the project remained stalled. Mounting frustration led residents to appeal to the government to step in. Acting on these requests, the government cancelled the developer’s appointment in December 2020 and handed over the responsibility to MHADA.

Subsequently, a tripartite agreement with the previous developer was officially terminated on 20 June 2022. Though MHADA had proposed a revised plan in November 2023 to carry out cluster redevelopment through a private Construction and Development Agency (C&DA), the government later decided to proceed with implementation under Development Control Regulation 33(5).

Path to Execution

Initial tenders floated on 2 July 2024 and 6 September 2024 failed to attract bids. As a result, MHADA proposed taking direct responsibility for the redevelopment through its own EPC contractor. Following state government approval on 28 May 2025, the tender notice was officially published on 16 June 2025. Interested parties have until 7 July 2025 to submit their bids.

The redevelopment of the PMGP Colony at Poonam Nagar is being closely watched as a model for how stalled and ageing housing projects across Mumbai could be rejuvenated under public agency leadership.

Also Read: Kamathipura Redevelopment Again On The Block.

The post MHADA Floats Tender for Redevelopment of Jogeshwari’s PMGP Colony; Residents to Receive 450 Sq. Ft. Homes appeared first on Square Feat India.