Mumbai – Kalpataru Limited has signed redevelopment agreements for two housing societies in Mumbai’s Chembur and Goregaon, covering 7.37 acres with a total development area of 1.5 million square feet, as published by Hindustan Times.
The agreements, valued at ₹328 crore, have the potential to generate ₹2,000 crore in revenue, according to property documents accessed by IndexTap. Market sources indicate that the redevelopment projects will include 480 units for sale in the open market and over 320 units for rehabilitation.
The two housing societies undergoing redevelopment are Hari Niketan CHS in Goregaon and Suman CHS in Chembur. According to property registration records accessed by CRE Matrix, the development agreement for Hari Niketan CHS was registered on October 3, 2024, with a valuation of over ₹81 crore and a stamp duty payment of ₹6.53 crore.
The agreement for Suman CHS was signed on January 30, 2025, at a valuation of ₹247 crore, with a stamp duty payment of ₹21.06 crore. An email query sent to Kalpataru Limited did not receive a response, and representatives from the two housing societies could not be reached for comment.
Mumbai has been experiencing a surge in redevelopment projects, particularly for aging buildings between two to seven stories. Redevelopment involves demolishing old structures and constructing modern high-rise buildings, allowing residents to receive larger, upgraded apartments at no cost. Developers profit from selling additional units in the new buildings, while the government generates revenue by selling floor space index (FSI) to builders.
Several other major redevelopment projects have recently been announced in Mumbai. On February 3, 2025, Mahindra Lifespaces secured a ₹950 crore deal to redevelop three housing societies in Lokhandwala, Andheri. Bengaluru-based real estate developer Puravankara Limited announced on September 12, 2024, that it had acquired redevelopment rights for Miami Apartments in Breach Candy, South Mumbai.
The company also plans to redevelop four more societies in Andheri and has signed a joint development agreement (JDA) for a 1.95-acre land parcel in Electronics City, Bengaluru, with a saleable area of 260,000 square feet. Additionally, in September 2024, Mumbai-based Kanakia Spaces Realty Pvt. Ltd. acquired development rights for two old buildings in Borivali, with agreements valued at ₹208.53 crore, as per property registration documents accessed by CRE Matrix.
Mumbai’s real estate landscape continues to be shaped by redevelopment projects, with developers actively securing prime land parcels and unlocking substantial revenue potential.