Ridge Apartment, a 53-year-old residential building in Mumbai’s Malabar Hill, is set to be redeveloped into a high-rise residential project after its housing society entered into a development agreement with Oberoi Realty. The redevelopment agreement for the nine-storey building, also known as New Ridge Apartment, was signed on July 29 and registered on July 30.
Located opposite the state government’s Sahyadri Guest House, the 27-flat society occupies a 2,400 sq m plot and is among the latest residential buildings in Malabar Hill to opt for redevelopment.
According to the development agreement sourced from Property Science, a data-driven real estate platform by Liases Foras, the society initiated the redevelopment process in November 2023 by passing a resolution during a special general body meeting and appointing a consultant.
Following a feasibility assessment and review of proposals from multiple developers, the society selected Oberoi Realty’s offer in August 2024. As part of the redevelopment process, the developer converted the property’s Occupancy Class II land status into Occupancy Class I (freehold) by paying around Rs 21 crore towards lease premium, conversion charges, stamp duty and registration expenses. The conversion process was completed between May and July this year.
Under the redevelopment agreement, existing residents will receive new homes without additional cost along with compensation during the construction period. The project currently has an approved built-up area of 13,100 sq m, with an FSI of 5.4. Existing members are expected to receive apartments with 57% additional carpet area compared to their current homes.
Unlike several redevelopment projects where rehabilitation and sale components are constructed separately, Ridge Apartment’s existing residents and sale inventory will be accommodated within the same building.
In a regulatory filing, Oberoi Realty said: “The company’s entitlement of the free-sale component from the redevelopment of the said land is estimated to be up to around 68,000 sq ft of RERA carpet area.”
As per the agreement, each resident will receive a one-time relocation allowance of Rs 1 lakh, hardship compensation of Rs 7,600 per sq ft per month, and Rs 300 per sq ft per month towards rent and brokerage expenses. The developer will also provide a bank guarantee of Rs 50 crore.
The Ridge Apartment redevelopment adds to the growing number of properties in Malabar Hill being transformed, including Malabar Court, Ruparel House, St Elizabeth’s Hospital, Jeevan Vihar, Sapna, Simla House, Everest Chambers, Everest Apartments, Bharam Mahal, Jasmin Lodge, Puratan and Samrat Ashok.
Source: Hindustan Times
