Rs 530 cr development deal inked for central Mumbai slum rehab project | Personal Finance

Mumbai-based developer Shanti Om Residency  has entered into a joint development agreement (JDA) with Ten X Realty South for a large slum rehabilitation (SRA) project in Kalachowki, central Mumbai, with the transaction valued at Rs 529.98 crore, according to property registration documents accessed by CRE Matrix.

 

The agreement, registered on July 15, 2026, covers multiple land parcels spread across 43,224.09 sq m (around 10.68 acres) on Parel Tank Road, Kalachowki, in Mumbai’s Parel-Shivdi division. The deal attracted a stamp duty payment of Rs 38.49 crore.

 

Under the agreement, Shanti Om Residency remains the developer, while Ten X Realty South Ltd has been brought in as the joint developer for the redevelopment of the slum rehabilitation project.

 
 

The project is one of the larger SRA redevelopment transactions registered in Mumbai this year. According to the registered agreement, the overall scheme spans 43,224.58 sq m, of which the approved scheme area is about 22,731.60 sq m. The project has a proposed total built-up area of around 23.92 lakh sq ft, including a rehabilitation component of about 11.97 lakh sq ft and a free-sale component of roughly 10.96 lakh sq ft.

 

The agreement states that the development involves the rehabilitation of 2,790 eligible slum dwellers across 32 proposed co-operative housing societies.

 

As per the commercial terms of the JDA, the consideration value of Rs 529.98 crore comprises:

 

• 
  Rs 359.08 crore towards the developer’s share,
• 
  Rs 165 crore as reimbursement for rehabilitation-related costs, and
• 
  Rs 36 crore as an interest-free refundable security deposit, among other components.

 

The agreement also provides that the free-sale component of the project will be shared between the parties, with 55% allocated to the developer and 45% to the joint developer.

 

The Kalachowki-Parel micro-market has witnessed renewed redevelopment activity in recent years, driven by its proximity to the Lower Parel business district and ongoing infrastructure improvements in central Mumbai. Large land parcels suitable for redevelopment have become increasingly scarce, making SRA-led projects one of the key avenues for developers to build premium residential inventory in the city.

 

The latest transaction comes amid heightened activity in Mumbai’s rehabilitation and redevelopment segment, where developers are increasingly pursuing large land parcels through SRA and cluster redevelopment projects. Besides the ongoing Dharavi Redevelopment Project, one of the world’s largest urban renewal initiatives, recent months have seen Reliance Group enter the sector through the 101.4-acre Juhu Galli redevelopment project in Andheri, while Adani Properties has also secured MHADA’s 142-acre Motilal Nagar redevelopment project in Goregaon.

 

Developers such as Godrej Properties, Raymond Realty, Oberoi Realty and Rustomjee have also been expanding their redevelopment pipelines as dwindling availability of greenfield land pushes builders towards society redevelopment, cluster redevelopment and SRA projects.

 

Point to note: At over 10.6 acres, this deal is larger than many recent SRA land aggregation transactions registered in Mumbai, even though it is much smaller than mega projects such as Dharavi, Juhu Galli and Motilal Nagar.