Amid rising redevelopment activity in land-starved Mumbai, Lodha Developers Ltd has signed a joint development agreement to redevelop nearly 10.26 acres in the Parel-Sewree corridor. The company has partnered with Sahana Properties and Resorts Pvt Ltd and Sahana Builders and Developers Pvt Ltd for the proposed project.
The agreement, registered on 11 February, carries a transaction value of Rs 365 crore, according to documents accessed by property analytics firm CRE Matrix. The land parcel comprises two primary plots with several housing societies and falls under a proposed slum rehabilitation initiative governed by the Slum Rehabilitation Authority. On one of the plots alone, 1,216 slum residents are organised into 11 societies.
Under the arrangement, the developers will first construct rehabilitation buildings for existing occupants before launching residential towers for open-market sale. A person familiar with the plans said the project is expected to feature premium three- and four-bedroom apartments.
“This joint development agreement in the Sewree–Parel belt, with a consideration value of Rs 365 crore and Rs 37 crore stamp duty, reflects sustained institutional interest in Mumbai’s eastern corridor,” said Abhishek Kiran Gupta, chief executive officer, CRE Matrix. “Data from CRE Matrix indicates steady land value resilience in infrastructure-led micro-markets despite elevated acquisition costs, signalling continued long-term confidence in Mumbai’s redevelopment-driven housing demand.”
The Sahana Group, led by Sudhakar Shetty, has previously undertaken slum rehabilitation projects and collaborated with developers such as Oberoi Realty.
Lodha continues to expand through acquisitions and partnerships, adding five projects in the December quarter with a gross development value of Rs 33,800 crore across MMR, NCR and Bengaluru. India’s leading developers, including DLF Ltd, Godrej Properties Ltd and Prestige Estates Projects Ltd, are collectively targeting record residential sales in 2025-26.
Source: Mint
