Mumbai, July 20, 2026: A major redevelopment project in central Mumbai has brought in a new partner after Ten X Realty South Limited entered into a joint development agreement with Shanti Om Residency Private Limited for a large slum rehabilitation project at Parel-Kalachowki.
The agreement, registered in July 2026, carries a consideration value of Rs 529.98 crore, while the market value has been assessed at Rs 769.88 crore. A stamp duty of Rs 38.49 crore has been paid on the transaction, as per the documents accessed through CRE Matrix.
Joint Development Agreement Signed
The joint development agreement pertains to a cluster of land parcels spread across 43,224.09 sq. m., with a permissible FSI of 177,193.35 sq. m. The redevelopment project comprises land owned by the Brihanmumbai Municipal Corporation (BMC), the Maharashtra Housing and Area Development Authority (MHADA), and parcels being acquired by the Slum Rehabilitation Authority (SRA) under the Maharashtra Slum Areas (Improvement, Clearance and Redevelopment) Act.
The project covers multiple cadastral survey numbers in the Parel-Shivdi Division, including land owned by the BMC, MHADA, Tata Power Company Ltd. and the Wadia family, making it one of the larger redevelopment projects in Mumbai's island city.
Under the agreement, Shanti Om Residency Private Limited will continue as the developer, while Ten X Realty South Limited has joined the project as the joint developer.
The agreement provides that the existing developer will retain a 45 per cent share, while the new joint developer will hold a 55 per cent share in the development rights.
The redevelopment site is located at Parel Tank Road, Kalachowki, an area witnessing large-scale redevelopment under the SRA owing to its strategic location and proximity to major commercial hubs and transport infrastructure.
Phased Redevelopment Plan
The agreement also lays down a phased execution plan for the large-scale slum rehabilitation project. In Phase 1, Shanti Om Residency Pvt Ltd, as the developer, will rehabilitate 1,665 of the total 2,790 eligible tenants.
The phase involves securing vacant possession of around 7,772 sq. m. of rehabilitation land to construct two rehabilitation buildings along with associated common amenities.
Simultaneously, nearly 11,837 sq. m. of free-sale land will be handed over to Ten X Realty South Ltd for construction of the first phase of free-sale buildings.
In Phase 2, the developer will rehabilitate the remaining 604 tenants by constructing two additional rehabilitation buildings on approximately 2,618 sq. m. of rehabilitation land. At the same time, about 11,292 sq. m. of free-sale land, including the road setback area, will be made available for the second phase of free-sale development.
Roles And Responsibilities Defined
Under the joint development agreement, Shanti Om Residency Pvt Ltd will be responsible for constructing the rehabilitation buildings and obtaining occupation certificates for the rehabilitation component, while Ten X Realty South Ltd will develop the free-sale buildings at its own cost and obtain the necessary occupation certificates.
The agreement further provides that if there is any shortfall in cash flows from the sale component required to fund the rehabilitation obligations, Ten X Realty South Ltd will facilitate the arrangement of funds through banks, financial institutions or third parties.
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The agreement also stipulates that the rehabilitation and free-sale components will have separate common areas and amenities, with occupants of each component having exclusive access to their respective facilities. Both parties will jointly finalise a comprehensive master plan governing the overall development of the scheme.
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