August 21, 2025: Mumbai’s prime real estate market is once again in focus as Shree Amrit Society on Carter Road, Bandra, where Bollywood actor Shah Rukh Khan owns a sea-facing apartment, has entered redevelopment. Announced in June 2025, the project will grant homeowners a 155 % increase in floor space once completed. Sources indicate that Khan will be entitled to a four-bedroom apartment measuring 2,800 sq ft in the redeveloped building.
Redevelopment has become a major feature of Mumbai’s property market, particularly for ageing low-rise buildings across the city. The process involves demolishing older structures and replacing them with modern towers, while granting existing residents larger apartments at no additional cost. Developers earn profits by selling surplus flats in the open market, with the government benefiting through the sale of additional floor space index (FSI).
Property consultants note that location remains a crucial factor in determining the benefits residents receive. Prime areas such as Bandra, Juhu and Worli often see residents gain double the space, while less sought-after locations typically secure 20 to 50% more. In some premium cases, homeowners negotiate higher ratios, upfront rent and other incentives.
However, experts caution that larger apartments also bring higher maintenance charges, with monthly fees often rising significantly in redeveloped societies. Legal specialists stress the importance of housing societies hiring their own lawyers and architects to safeguard interests, rather than relying solely on the developer’s team.
Industry insiders add that redevelopment is not merely a matter of additional square footage. A successful project enhances lifestyle, secures long-term financial value and leaves a legacy for future generations. Track record and delivery history of the chosen developer are therefore critical considerations before signing an agreement.
For residents of Shree Amrit Society, the project represents both opportunity and responsibility, setting an example for hundreds of other societies across Mumbai now exploring redevelopment.
Source: Hindustan Times
