Mumbai-based developer Shanti Om Residency has entered into a joint development agreement (JDA) with Ten X Realty South Ltd for a major slum rehabilitation (SRA) project in Kalachowki, central Mumbai. According to property registration documents accessed by CRE Matrix, the transaction is valued at nearly Rs 530 crore.
The agreement was registered on July 15, 2026, and covers multiple land parcels spread across 43,224.09 sq m (approximately 10.68 acres) on Parel Tank Road in the Parel-Shivdi division. The transaction attracted a stamp duty payment of Rs 38.49 crore.
Under the terms of the agreement, Shanti Om Residency will continue as the primary developer, while Ten X Realty South Ltd has joined the project as the joint developer. The redevelopment is among the largest SRA transactions registered in Mumbai this year.
As per the registered documents, the overall project area measures 43,224.58 sq m, with an approved scheme area of around 22,731.60 sq m. The proposed development will have a total built-up area of nearly 23.92 lakh sq ft, comprising approximately 11.97 lakh sq ft for rehabilitation and around 10.96 lakh sq ft for free-sale units.
The project is expected to rehabilitate 2,790 eligible slum residents across 32 proposed co-operative housing societies.
The commercial structure of the JDA includes Rs 359.08 crore towards the developer’s share, Rs 165 crore as reimbursement for rehabilitation-related expenses, and Rs 36 crore as an interest-free refundable security deposit, along with other financial components.
The agreement further specifies that the free-sale component will be shared between the two developers, with Shanti Om Residency receiving 55% and Ten X Realty South Ltd allotted the remaining 45%.
The Kalachowki-Parel micro-market has witnessed increasing redevelopment activity due to its proximity to the Lower Parel commercial district and ongoing infrastructure upgrades in central Mumbai. With limited greenfield land available, developers are increasingly focusing on SRA, society redevelopment and cluster redevelopment projects to create new residential inventory.
The latest agreement comes amid growing redevelopment activity across Mumbai, where several leading developers are expanding their portfolios through large-scale rehabilitation projects as redevelopment continues to shape the city’s future housing supply.
Source: Business Standard
