Mumbai’s redevelopment story is increasingly moving beyond replacing ageing buildings. For B-Right Real Estate Group, the focus is on creating better-designed neighbourhoods, stronger communities and financially sustainable projects as part of its long-term Vision 2033.
The Mumbai-based developer plans to add 4.7 million sq. ft. to its development portfolio by 2033, with its projects focused entirely on Mumbai.
Sanjay Shah, Chairman and Managing Director, B-Right Real Estate, says the company’s approach goes beyond construction. “Redevelopment is not just building another home. It is building better neighbourhoods, better communities,” he says.
Financial discipline at the core
Mumbai redevelopment involves multiple stakeholders, including residents, developers, lenders, investors and regulatory authorities. Shah believes financial viability must be established before construction begins.
“Whenever we identify an opportunity, the first thing we do is financial closure for that project,” he explains. The strategy is particularly relevant for stalled, distressed and SRA projects, where delays can leave residents without homes and investors and lenders awaiting returns.
Shah’s background as a Chartered Accountant has also influenced the company’s emphasis on financial discipline.
Managing distressed redevelopment
Taking over stalled projects often requires balancing competing interests. Residents seek possession of their homes, buyers want completed properties, investors look for exits and lenders seek repayment.
“Every project is a learning experience,” Shah says. He adds that resolving distressed projects often requires stakeholders to compromise.
“When we approach a distressed project, we tell each and every institution or person involved that you have to sacrifice a little bit to get all your investments out,” he says.
Governance and design gain importance
As a BSE-listed redevelopment-focused company, B-Right believes greater transparency and regulatory oversight strengthen accountability. Shah says, “Listed company by default brings governance,” pointing to scrutiny from investors, lenders, regulators and other stakeholders.
The company is also placing greater emphasis on design. Rudra Shah, Assistant Vice President, Digital Transformation & Strategy, says the pandemic changed how people perceive their homes.
“After COVID, a lot of people realised the value of their homes,” Rudra says, highlighting the growing importance of larger spaces, amenities and better residential environments.
Vision 2033 focuses on Mumbai
B-Right’s roadmap centres on expanding within Mumbai while tailoring projects to their individual locations and neighbourhoods. The objective is to create communities rather than standalone residential buildings.
For Shah, this represents the next stage of his journey in real estate.
“Today, in the last decade, we have tried to change things, and the next decade will change it more,” he says.
Source: Construction World
