July 2026: In a significant development for slum rehabilitation in central Mumbai, Ten X Realty South Limited has entered into a Joint Development Agreement (JDA) with Shanti Om Residency Private Limited for a large SRA scheme at Parel Tank Road, Kalachowky. Stamp authorities have fixed the market value of the development rights at Rs 769.88 crore and collected stamp duty of Rs 38.49 crore.
The Collector of Stamps, Kurla, adjudicated the unexecuted JDA under Section 31 of the Maharashtra Stamp Act, 1958 (case ADJ/606/2026/K). After examining the document and the report of the Assistant Town Planner, the authority determined the market value at Rs 769,88,40,000. This was higher than the consideration of Rs 529,97,62,000 reflected in the agreement. Stamp duty of Rs 38,49,42,000 was levied under Article 5(g-a) and paid by Ten X Realty South Limited on 13 July 2026. The final order confirming the interim order was issued thereafter, and the instrument has been certified under Section 32.
Shanti Om Residency Pvt Ltd is the original developer appointed by 32 cooperative societies of approximately 2,790 slum dwellers (of whom 2,500 are eligible). The company holds a revised Letter of Intent (LOI) from the Slum Rehabilitation Authority dated 31 December 2019 (SRA/ENG/181/FS/ML/LOI) under Regulation 33(10) of DCPR 2034 for land measuring 31,600.09 sq m (with additional privately owned parcels of about 11,624 sq m under acquisition by SRA). The full notified slum land aggregates roughly 43,224 sq m and comprises MCGM land, MHADA land and private holdings of Tata Power Company, the Wadia family and Dabholkar interests.
Under the JDA executed in mid-July 2026, the free-sale development potential of approximately 1,77,193 sq m (including fungible FSI) is to be shared 45:55 — 45 per cent with the original developer (Shanti Om) and 55 per cent with the joint developer (Ten X Realty South). The northern portion of the plot will largely accommodate reservations, DP road and land under high-tension lines, while the southern portion will house the rehabilitation buildings and free-sale towers.
The valuation exercise by the stamp office took into account ready-reckoner land rates for the 2026-27 zone, construction cost, parking, security deposit interest and other components before arriving at the final market value of nearly Rs 770 crore. Ten X Realty South Limited, a recently incorporated entity with registered office at Jekegram, Thane, has been brought in for its financial strength and execution capability on this complex, multi-ownership SRA project in a high-value location.
The agreement has been registered at the office of the Joint Sub-Registrar, Mumbai City-4 (document related to MBI4-17153-2026). Registration fee of Rs 30,000 was also paid. The stamp order clarifies that payment of stamp duty and registration does not regularise any illegality in the underlying transactions or construction, and all responsibility remains with the parties.
This is one of the larger stamp-duty collections on a pure development agreement in the Parel-Kalachowky belt in recent months and signals continued investor interest in SRA free-sale inventory in central Mumbai.
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