A significant redevelopment push is underway in Mumbai’s upscale Walkeshwar neighbourhood, where close to 8,000 square metres of prime land near the heritage Banganga Tank precinct is likely to be redeveloped. The area, located in South Mumbai, is regarded as both prestigious and sensitive, bordered by Raj Bhavan at one end and the Arabian Sea on two sides.
Nearly 23 residential plots along the ridge, housing over 300 families, are expected to be part of the proposed cluster redevelopment. Given the proximity to heritage and coastal zones, stakeholders have expressed caution about potential impacts. Addressing concerns, Karan Shah, partner at Palash PMC, the project consultant, clarified, “Nowhere is Banganga Tank or its precinct getting affected.”
Residents of Banganga Cross Lane have shown interest in upgrading ageing structures into modern apartments, though some favour a measured approach. Many of the existing buildings are cessed landlord properties involving the Maharashtra Housing and Area Development Authority. Ronal Mehta, partner at Palash PMC, noted that the combined land parcel slightly exceeds 8,000 sq m, making a cluster scheme viable. He added that the plots fall under CRZ Category II norms, which are not expected to significantly hinder redevelopment.
The proposed towers are expected to offer views of the Arabian Sea, Queen’s Necklace, Walkeshwar Road, a derasar, and Raj Bhavan.
Residents have set stringent eligibility conditions for developers, limiting participation to listed firms with a net worth of at least Rs 1,000 crore or those with projects exceeding 4,000 sq m and Rs 500 crore in gross sales.
Separately, the Brihanmumbai Electric Supply and Transport is exploring monetisation of its 2,475 sq m Walkeshwar Road plot. According to Liases Foras, the Walkeshwar–Malabar Hill belt has several ultra-luxury projects underway, with prices ranging from Rs 85,000 to Rs 1.8 lakh per sq ft.
Source: Hindustan Times
