The project is part of the Maharashtra government’s broader vision under the State Housing Policy 2025, aimed at providing safe, affordable and inclusive housing for all citizens. The initiative has been conceptualised under the leadership of Chief Minister Devendra Fadnavis and Deputy Chief Minister Eknath Shinde.

Pilot Project in Andheri

The selected cluster is located along C.D. Barfiwala Road in Andheri (West), covering a total area of 101.36 acres. Out of this, 61.40 acres are currently occupied by slums.

The site has been identified as a pilot cluster redevelopment project, marking a key step in implementing the government resolution dated November 13, 2025, which approved cluster redevelopment across Mumbai.

Scale of Rehabilitation

Under the project:

• 28,061 rehabilitation units will be constructed
• Around 14,000 existing slum dwellers will be rehabilitated
• An additional 14,061 housing units will be created

The project aims not only to rehouse existing residents but also to generate additional housing stock.

Planned Urban Infrastructure

The redevelopment plan includes:

• Open spaces
• Playgrounds
• Schools
• Healthcare facilities
• Other civic and social infrastructure

The goal is to create a planned, integrated urban neighbourhood rather than standalone rehabilitation buildings.

Challenges and Delays

The project area, located near the airport, has faced long-standing delays due to:

• Height restrictions linked to proximity to the airport
• Extremely dense slum clusters
• Fragmented redevelopment efforts under earlier schemes

These factors had stalled rehabilitation for thousands of families, with some residents also facing delays in receiving transit rent.

Bidding Process and Developer Interest

The Slum Rehabilitation Authority invited bids on April 8, 2026, to appoint a Construction and Development Agency (C&DA) for the project.

Technical bids were opened on June 4, 2026. The project has attracted participation from major private developers, including:

• Shapoorji Pallonji Real Estate
• Reliance 4IR Realty Development Limited
• JSW Realty and Infrastructure Pvt. Ltd.

The proposals are currently under technical evaluation, following which financial bids will be opened after approval from a high-level committee.

Transparent Tendering Process

According to SRA CEO Dr. Mahendra Kalyankar, the authority has, for the first time, implemented a fully transparent and competitive bidding system, moving away from earlier practices such as Letter of Intent (LOI) trading.

The new process aims to ensure fair competition and improved project execution.

Larger Slum Redevelopment Push

Beyond this pilot, SRA has identified 18 additional cluster areas across Mumbai for similar redevelopment.

These initiatives are expected to:

• Revive stalled or unviable slum rehabilitation schemes
• Enable rehabilitation of approximately 6 to 7 lakh slum dwellers

Policy Context

The project is part of the government’s larger “Slum-Free Mumbai” vision, aligned with the State Housing Policy 2025.

The policy focuses on:

• Affordable housing
• Planned redevelopment
• Improved urban infrastructure
• Inclusive city development

The Andheri cluster project is expected to serve as a model for future large-scale redevelopment efforts across Mumbai.

Also Read: Mumbai Banega Dubai

The post 28,061 Homes Planned: SRA Picks Andheri Cluster for Mega Slum Redevelopment Project appeared first on Square Feat India.

On 8 May 2026, the Maharashtra Real Estate Appellate Tribunal (MREAT) ruled decisively in their favour, directing Ricardo Construction Pvt. Ltd. — a Shapoorji Pallonji group company that had taken over the stalled project — to pay interest on the ₹78.96 lakh already deposited by the couple, calculated from 1 July 2018 until the date of actual possession, at SBI’s Marginal Cost of Lending Rate (MCLR) plus 2%.

How it unravelled

The original developer, Nirmal Developers (Nirmal Lifestyle Ltd.), defaulted on loans from HDFC, which classified the account as a Non-Performing Asset and initiated securitization proceedings. Ricardo Construction stepped in via a Deed of Conveyance dated 29 June 2019, taking over the project with a stated commitment to complete construction and hand over flats to buyers.

But the takeover came with strings attached — for the buyers. Ricardo circulated a “Letter of Understanding” requiring homebuyers to accept a revised possession timeline of 39 months from the new RERA registration date, and a one-time credit note of ₹4 lakh (2BHK) or ₹5.25 lakh (3BHK) as full and final compensation — in lieu of any interest claims. The Association of Allottees, representing the majority, gave its consent. More than two-thirds of buyers signed on.

The Rais did not.

“Statutory rights of allottees cannot be curtailed by such arrangements made through a Letter of Understanding.”— MREAT, Appeal No. AT006000000053447 of 2021

What MahaRERA said — and what the tribunal overruled

When the Rais approached MahaRERA, the learned Chairperson’s order of 15 September 2021 directed them to continue in the project and cooperate with Ricardo and the Association of Allottees for early completion. The authority, in effect, treated the majority consent as binding on all — including those who never signed.

The tribunal rejected this reasoning outright. It held that Section 15(2) of the RERA Act requires any incoming promoter to independently honour all pending obligations of the previous developer — including delay-related liabilities. A project transfer does not reset the clock, nor does it erase the compensation that had already accrued to buyers.

Crucially, the tribunal held that the 2/3rd consent mechanism under Section 15 — designed to facilitate project transfers — cannot be weaponised to strip non-consenting buyers of their rights under Section 18. An individual buyer’s entitlement to interest for delayed possession is an unqualified statutory right, not a negotiable contractual clause that a majority can vote away.

The builder’s defence — and why it failed

Ricardo argued that the Rais were trying to “approbate and reprobate” — that is, they couldn’t simultaneously stay in the project and claim interest. The tribunal dismissed this, saying that Section 18 of RERA explicitly gives buyers two options: exit and get a full refund with interest, or stay and earn interest for every month of delay. Choosing to stay and claiming interest is not contradictory — it is precisely the right the law provides.

Ricardo also pointed to the interim order of September 2020 and the final order of September 2021, arguing they represented a balanced arrangement that served all stakeholders. The tribunal found the original orders were well-intentioned but legally insufficient — they could not override the buyers’ statutory entitlements.

The tribunal’s final order

-Interest base amount: ₹78,96,348

-Interest start date: 1 July 2018

-Interest end date: Date of actual possession

-Rate: SBI MCLR + 2%

-Legal costs awarded: ₹20,000 to buyers

Why this ruling matters

This case sets a significant precedent for distressed real estate projects where a new developer steps in mid-way. It firmly establishes that the successor promoter cannot use the project takeover process as a reset button on compensation liability. Buyers who refuse majority-driven settlement terms retain full RERA protection, and their silence or non-participation in a consent exercise cannot be construed as acceptance.

For the thousands of homebuyers stuck in similarly distressed projects across Maharashtra — where stalled projects are routinely transferred between developers under RERA’s framework — this ruling is a reminder that the law is on their side, even when the regulator’s own orders appear to favour project completion over individual rights.

The order was pronounced by Dr. Rajagopal Devara (Member-A) and Shri Shriram R. Jagtap (Member-J) of the MREAT, Mumbai, on 8 May 2026.

Also Read: Double Booking Costs Builder Dear: MahaRERA Orders Refund to Homebuyer in Sunteck Project

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The transaction was completed and registered in November 2024, with a stamp duty of ₹27.30 crore and registration charges of ₹30,000.

This acquisition adds to Agarwal Holdings’ growing portfolio in Juhu, a prestigious and sought-after locality in Mumbai. The company had previously purchased land parcels in the area in September 2022, totaling 6,988 sq. m (~75,218.13 sq. ft.) for ₹332.8 crore.

Juhu is one of Mumbai’s most desirable residential areas, known for its coastal charm, proximity to the international airport, luxury housing options, and well-developed social infrastructure. The locality is a preferred choice for high-net-worth individuals and celebrities, owing to its prime location near Juhu Beach and upscale amenities.

Anand Moorthy, Co-founder and CBO at Square Yards, highlighted Mumbai’s continued appeal as India’s financial capital and a hub for business investments. He noted that key areas like Bandra-Kurla Complex (BKC) and Southern and Western Mumbai are highly sought after for both commercial and luxury real estate. “In a market where land availability is limited and demand remains high, securing land in Mumbai offers a competitive edge and strong potential for return on investment,” he said.

Agarwal Holdings Private Limited, established in 2020, specializes in financial intermediation services, supporting financial institutions like banks, insurance companies, and investment firms. Its services include managing loan applications, conducting credit analysis, offering investment advice, and facilitating financial transactions.

This latest acquisition underscores the continued demand for high-value real estate in Mumbai, particularly in prime locations like Juhu, which remains a key destination for both commercial and residential investments.

Also Read: Urban Vault Leases 100,000 Square Feet of Office Space in Brigade Summit, Whitefield

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The WSBREDF-II fund has committed an investment of INR 55 crore to complete the premium project, BKC 9. This underscores the fund’s commitment to nurturing innovative and high-quality real estate ventures. Following the INR 75 crore investment in BKC 28 in 2022, which achieved sales of approximately INR 200 crore, the collaboration aims to replicate its success in the burgeoning real estate market.

Building upon the triumph of BKC 28, SPRE and Vakratunda proudly announce the launch of BKC 9, a visionary residential project set on a 0.41-acre plot. This meticulously planned development comprises 92 thoughtfully designed apartments featuring a diverse range of 2BHK and 3BHK typologies to cater to the varied needs of discerning homebuyers. The price of the apartments starts at INR 2.11 crore. The project holds immense appeal for professionals seeking a perfect blend of modern living and convenience.

Commenting on the launch, Nirav Dalal, Business Head and Chief Investment Officer, Shapoorji Pallonji Real Estate, stated, “In the wake of BKC 28’s success, the launch of BKC 9 is a strategic move to meet the escalating demand for high-quality residences. Our collaboration with WSB Partners reinforces our dedication to delivering innovative and top-tier developments that redefine the standards of residential living.”

He further added, “The launch of BKC 9 signifies our continuous effort to provide a contemporary lifestyle in Bandra East, one of Mumbai’s prime locations.”

Ram Makhecha, Director, Vakratunda Realty Private Ltd., added, “We are thrilled to embark on another exciting journey with Shapoorji Pallonji Real Estate as JV partners for the BKC 9 project. This is our second JV project with the company. We are confident that the success of BKC 9 will further strengthen our partnership and contribute significantly to the vibrant real estate landscape in Mumbai.”

Vinit Prabhugaonkar, Managing Partner WSB Partners, said, “The launch of BKC 9 marks another significant milestone in our ongoing collaboration with Shapoorji Pallonji Real Estate and Vakratunda Group. We are confident that this partnership will replicate the success of our previous collaboration with them. We trust the group’s ability to develop high-quality residential projects such as BKC 9 and BKC 28.”

Strategically located in Bandra East, BKC 9 enjoys excellent connectivity to the commercial hub of BKC, the Western Express Highway, the Bandra-Worli Sea Link, Mumbai International Airport, and an upcoming Metro station. Standing 20 floors tall, BKC 9 features a range of amenities, including a swimming pool, banquet hall, gymnasium, and Vastu-friendly apartments, surrounded by a well-established social and civic infrastructure, including renowned educational institutions, healthcare facilities and entertainment zones like Jio World Drive.

Also Read: Shapoorji Pallonji Real Estate signs Shahid and Mira Kapoor to endorse its VANAHA project in Pune

The post Shapoorji Pallonji Real Estate Announces BKC 9 appeared first on Square Feat India.

The residential units are located in the building number 10, M P Mill Compound.

The deal was signed between SD Corporation Pvt Limited and The Commissioner of Police, Mumbai.

The Corpus fund for these residential units is Rs 72.5 lakh.

Joint Commissioner of Police, S Jaykumar, confirmed that the residential units in Tardeo are for the officers of Mumbai Police.

A stamp duty of Rs 2.19 lakh was paid for the registration of the deal, which took place on Wednesday, (Feb 21).

Housing for the officers of Mumbai Police has been an issue for a long time, with homes within the city for them now, will help them save their time in commute.

Also Read: Developers Finally Listen to Mumbai Police Commissioner

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 Joyville, the aspirational housing platform of Shapoorji Pallonji Real Estate, is all set to launch its brand campaign with Sourav Ganguly as its brand ambassador. The brand campaign smartly positions Joyville as ‘The Next-Gen’ homes for winners.  

Joyville is a well-crafted platform developed by Shapoorji Pallonji, Actis, International Finance Corporation (an arm of the World Bank) and Asian Development Bank. It has so far launched six housing projects in four major cities. In Pune, the group offers aspirational addresses such as Joyville Hinjewadi, Joyville Hadapsar Annexe and Joyville Sensorium, besides, it has presence near Mumbai (Joyville Virar), near Kolkata (Joyville Howrah) and Haryana (Joyville Gurugram).

Sriram Mahadevan, MD, Joyville Shapoorji Housing, says, “We are glad to have on-boarded Sourav, who is a household name across the country. He is known for his unique leadership, thriving passion, trust, and reliability. Thus, resonating strongly with the core attributes of our brand. All Joyville developments are an address where you are surrounded by people with drive to succeed and Sourav truly represents this spirit.”

Parikshit Pawar, CMO, Joyville Shapoorji Housing, says, “Partnering with Dada is essentially a strategic move. He is recognized for his winning attitude, both on and off the field and is famously regarded as the catalyst of change for Indian cricket. This association between dada and Joyville by Shapoorji Pallonji, can be viewed as a coming together of two winners from their respective fields. Such a symbiotic brand fit is very rare to see.”

Sourav Ganguly says, “Brand Joyville by Shapoorji Pallonji stands for its trust and transparency. Home buying is an emotional decision, one typically doesn’t like to compromise when one chooses a home.” Sourav further added “I have personally experienced some of the Joyville developments and I was completely wowed by the expanse and the lifestyle delivered. Joyville truly offers a winning residential address!”

Notably, Joyville Shapoorji Housing has successfully delivered the earlier phases of its developments in Howrah, Virar & Hinjewadi projects before the RERA deadlines.

Also Read: 406 Realty Projects in 2021 were stopped from selling flats

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This is one of the tallest towers in Thane which will have 332 efficiently designed luxury apartments with configurations of 3 BHK and 4 BHK, ranging from 1300 sq. ft. to 1600 sq. ft.

These apartments have been designed with very large balconies and spacious bedrooms.

The homebuyers will be able to relish recreational facilities with an exquisite Clubhouse called Float on the 51st level and a Rooftop Sky Lounge, which offers mesmerizing views of the city.

Overall, it’s a complete world where residents can get spoilt for choices. The clubhouse will also have a business centre with spacious workspace, library, spa and salon, golf simulator, music room, and viewing deck.

A high street retail zone of ~40,000 sqft total Carpet Area called The Impulse will also be developed within the project premises.

The project is strategically located on Pokhran Road No. 2. Located adjacent to the Eastern Express Highway, this is one of the most preferred residential destinations in Thane.

As a location, it also enjoys proximity to well-developed social and civic infrastructure like world-class education institutions, hospitals, commercial centres, retail zones, and shopping malls.

The residences are available between the price range of Rs 2.44 crore to Rs 3 crore excluding other charges. The company is expecting a total sales realization of around Rs 525 crore from the new launch.

Speaking at the launch, Mr. Venkatesh Gopalkrishnan (CEO, Shapoorji Pallonji Real Estate) said, “We have witnessed a steady demand for spacious luxury homes in the last couple of months which indicates a shift in the post-pandemic consumer behavior in Thane market. Leveraging this shift and latent demand, we have planned to launch a new phase, believing this is the right time to bring the best products to the Thane micro-market.”

Also Read: Cyrus Mistry Rents Tardeo Flat To Mitsubishi For Rs 8.92 lac per month

“Given the current scenario, customers look forward to assurance from trusted brands to reimpose their faith in buying a home and we are confident that SKYRAA will not only deliver but exceed customers’ expectations of luxury living,” Mr. Sumit Sapru (Business Head, Shapoorji Pallonji Real Estate) added.

Lifestyle-friendliness, excellent connectivity and quality social infrastructure are some of the determining factors that single out a residential destination. Thane also enjoys easy access to critical spaces like the railway station and the airport. Owing to the road network of JVLR, SCLR, Ghodbunder Road, Eastern Freeway, NH-8, Mumbai-Nashik Highway and the Thane-Belapur Road, Thane offers a quick and easy commute to numerous business districts such as Nariman Point in South Mumbai, Lower Parel, Bandra Kurla Complex (BKC) and CBD Belapur in Navi Mumbai.

Over the years, Thane has transformed into a hub of major infrastructural developments. Some of the infrastructure developments like proposed road tunnel between Tikuji-ni-wadi (Thane) and Borivali, Wadala-Kasarvadavali Metro line 4, Kapurbawdi-Bhiwandi Metro line 5, Vitawa bypass road, connecting Kopri to Thane-Belapur Road, Proposed Kapurbawdi Metro Station – 1.2 km from the site, Proposed Majiwada Metro Station will further boost Thane’s connectivity live-ability and lifestyle quotient as well as capital values.

Also Read: TATA housing directed to refund money to homebuyer

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By Varun Singh

Earlier in May this year, The Presidency division of Public Works Department, Maharashtra had floated a tender with an estimated cost of Rs 900 crore for the reconstruction of Manor MLA hostel.

Manora MLA hostel is located at Nariman Point and has housed the Members of Maharashtra legislature for quite some time.

The MLA hostel was declared dilapidated a few years ago and since then the reconstruction work has been in pipeline.

The work of the reconstruction of the MLA hostels was earlier given to NBCC India Ltd. However, in December 2020 citing slow progress the work was given to PWD.

The NBCC had planned of building swanky apartments measuring 1000 square feet to accommodate the MLAs and MLCs. NBCC had planned to construct two towers – 50 floors and 32 floors respectively consisting of 373 flats.

In May PWD floated an E-Tender Notice calling request for qualification for the work “Reconstruction of Manor MLA Hostel for Maharashtra Registration at Nariman Point, Mumbai.

The estimated cost of the project as per the tender is Rs 900 crore.

Now according to sources three top private players have shown their interest in redeveloping the MLA Hostel.

The names of these three firms are TATA, Larsen & Toubro and Shapoorji Pallonji.

While attempts to contact Manoj Shaunik, Secretary, PWD got us not response. An officer said now one of the three bidders for the tender will be finalised soon.

Earlier when the tenders were opened there was only one response and hence more bids were called in.

Finally three bids came and all from reputed firms of the country.

Apart from this the three names has also featured while the redevelopment of the ambitious BDD chawls at Naigaon, N M Joshi Marg and Worli.

NM Joshi Marg is being redeveloped by Shapoorji, Naigaon will be redeveloped by L&T.

Once constructed these hostels will be occupied by MLAs of the state.

The hostel comes useful during assembly sessions when MLAs from all across the state come and stay in Mumbai.

As most of them are from different locations and Mumbai being the capital the hostel if constructed will solve a lot of problems.

Also Read: Rs 900 Crore Tender For Reconstruction of MLA Hostel In Mumbai

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By Varun Singh

Tata’s former Chairman Cyrus Mistry, along with his wife Rohiqa Mistry on January 7, has put a Tardeo apartment on rent.

Cyrus Mistry gave his apartment located on the 40th and 41st floor of The Imperial South Tower to Mitsubhishi Corporation India Private Limited.

The per month rent for the apartment stands at Rs 8.92 lakh for the 3183.59 square feet apartment.

The deposit for the apartment stands at Rs 25.50 lakh.

Cyrus Mistry currently resides in Colaba. The Imperial Towers belong to SD Corp – a joint venture of Shapoorji Pallonji and the Dilip Thacker Group.

This building is amongst one of the most sort out properties in South Mumbai.

Only in December, two apartments in Mumbai’s Tardeo area were sold, last week for Rs 36.50 crore in the building The Imperial Edge.

The total area of the two flats is 3081 sq ft and going by Rs 36.50 crore, the per sq ft rate comes to Rs 1.18 lakh.

The year 2021, has started on a high note for real estate industry too. In Bandra’s Pali Hill an apartment was sold for Rs 1.02 lakh per square feet just a week ago.

Sales have already crossed in Mumbai, the January 2021 mark, and it is expected to also go high.

The leave and license deal concerning Cyrus is also a sign that luxury market is performing good.

Also Read: Flat In Dev’s Anand Sold For Rs 1.02 Lakh Per Sq Ft

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By Varun Singh

A flat in Worli was sold recently for Rs 50.50 crore. What makes it interesting is that the deal took place during lockdown.

According to realty sources the buyers of the expensive flat are from Surat and are in diamond business.

The flat sold for Rs 50.50 crore is located on the 51st floor (35th habitable floor) of the luxurious Three Sixty West in Worli.

The total area of the flat is close to 7,857 square foot. The new owners even have got four car parks along with their apartment.

A detailed message sent to Vikas Oberoi, of Oberoi Realty seeking his comment on the deal got us no response.

The documentation of the apartment was carried out during the lockdown. Except for the final stamp duty and registration bit, which realty sources took place last week.

This deal contradicts the one that took place just last month in Worli itself.

Shapoorji Pallonji, Development Managers Pvt Ltd, on August 18, sold the flat located in Omkar 1973, Worli for Rs 6.14 crore.

The firm had bought the flat in November 2019, for Rs 9.6 crore from Elvera Realtors Pvt Ltd.

Realty experts say that the expensive deal is an exception and doesn’t reflect the market sentiments.

Worli based realtor Rajiv Jain of Ruchika Shelters, says Three Sixty West calls for a premium, there are many top business families, and celebrities who have bought apartment here. “The price at which the apartment has been sold, is what the building commands. While this deal may not represent the general real estate market. But due to the pandemic, homebuyers do want ton shift to a bigger home,” said Jain.

Contrary to this deal in August a top builder sold his own flat located in South Mumbai at less too. 

The flat sold at lesser price was owned by builder Haresh Mehta of Rohan Lifescapes and his son Manav Mehta.

He sold, the flat for Rs 16 crore, while the ready reckoner rate of the flat itself is Rs 20.78 crore for want of liquidity.

The building Three Sixty West has some of the big names in the country.

Veteran banker Romesh Sobti along with his wife bought an apartment for Rs 76 crore in Worli’s Three Sixty West in June this year.

In 2018 Niraj Bajaj bought a 16,000-sq ft apartment at Worli’s Three Sixty West for Rs 120 crore.

Again in 2018, Shahid Kapoor had bought an apartment in the same building for Rs 55.60 crore.

Also Read: Builder Sells SoBO Flat At Less, For Want Of Liquidity

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