Sri Lotus Developers and Realty Ltd, through its subsidiary, has been appointed to undertake a premium residential redevelopment project at Shivaji Park Beach Front in Dadar, Mumbai, with an estimated Gross Development Value (GDV) of Rs 550 crore.
The project has been awarded by a local housing society and is expected to add around 44,000 sq ft of saleable residential area to the developer’s redevelopment pipeline. Construction is likely to begin by the end of FY28 or during the first quarter of FY29, with completion targeted within approximately 3 to 3.5 years.
The mandate strengthens Sri Lotus Developers’ presence in Mumbai’s premium redevelopment market, particularly across established coastal and central suburbs where limited availability of vacant land has increased demand for society-led redevelopment.
The company’s asset-light approach allows it to undertake redevelopment projects without making significant upfront investments in land acquisition. The newly secured Shivaji Park project is expected to provide additional revenue visibility over the construction period.
The company’s broader disclosed redevelopment pipeline, including its recently announced Juhu commercial-cum-retail project estimated at Rs 1,600 crore GDV, now stands at around Rs 2,150 crore.
Sri Lotus Developers also reported strong financial performance in the first quarter of FY27 . Its quarterly pre-sales increased 567% year-on-year to Rs 409 crore, compared with approximately Rs 61.32 crore in Q1 FY26. Net profit rose 77.3% year-on-year to Rs 46 crore from nearly Rs 25.94 crore.
The Shivaji Park project comes amid sustained redevelopment activity in Mumbai’s established residential neighbourhoods, where housing societies are increasingly seeking experienced developers to replace ageing structures with modern residential developments.
However, the project will require the necessary statutory and regulatory approvals before construction begins. Given its coastal location, compliance with applicable development and environmental regulations will remain an important part of the execution process.
The appointment follows Sri Lotus Developers’ recent expansion of its redevelopment portfolio, including the Juhu project announced in August 2026.
With approximately Rs 550 crore added through the Shivaji Park mandate, the developer is strengthening its presence in high-value Mumbai micro-markets while expanding its pipeline through society redevelopment rather than large-scale land acquisition.
Source: Sahi
Pic Credit: Prop News Time
