Two housing societies in South Mumbai have issued a joint tender inviting reputed developers for the redevelopment of a prime land parcel in Tardeo, marking a significant opportunity in one of the city’s most valuable real estate micro-markets. The project, located near Bhatia Hospital on Javji Dadaji Marg, is being offered under strict eligibility norms, including a minimum net worth requirement of Rs 2,000 crore for participating developers.
The redevelopment initiative has been launched by Talmakiwadi Cooperative Housing Society Ltd and Kanara Saraswat Association, which together own adjoining plots in the area. The location benefits from strong infrastructure access and lies along a 27.45-metre-wide road, making it a strategically important site for high-density redevelopment.
The project falls under multiple provisions of the Development Control and Promotion Regulations (DCPR) 2034, including Regulations 33(7), 33(9), 33(11), and 33(20)(B), which allow developers to maximise permissible Floor Space Index (FSI), significantly enhancing development potential.
The combined landholding includes over 7,100 sq m belonging to Talmakiwadi CHSL and around 786 sq m owned by the Kanara Saraswat Association. The existing built-up stock comprises over 93,000 sq ft of residential carpet area along with commercial units and garages in the larger society, while the smaller parcel includes over 5,500 sq ft of residential tenements and nearly 5,000 sq ft of commercial space.
As per the tender conditions, only financially strong developers meeting the Rs 2,000 crore net worth threshold will be eligible to apply. Applicants are also required to commit to fully utilising the available FSI before issuing vacating notices to existing residents, a measure aimed at ensuring financial closure and project execution certainty.
The tender also mandates disclosure of audited financial statements for the last three years, along with details of existing debt and ongoing projects, reflecting a rigorous prequalification process designed to ensure credibility and execution capability.
The tender document will be available for collection until April 28, with submissions open till May 18 at the society’s office in Tardeo. A non-refundable tender fee of Rs 3 lakh plus GST has been set. The redevelopment process is being managed by Palash PMC LLP.
Source: The Free Press Journal
