Ten X Realty Joins ₹529.98-Crore Parel Redevelopment Project

Mumbai's real estate landscape has witnessed a significant development with Ten X Realty South Limited entering 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 ₹529.98 crore, while the market value has been assessed at ₹769.88 crore.

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.

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. The joint development agreement defines the roles and responsibilities of both parties, with Shanti Om Residency Pvt Ltd responsible for constructing the rehabilitation buildings and obtaining occupation certificates for the rehabilitation component.

The project is expected to bring significant changes to the area, with the redevelopment of slums and the construction of new buildings. The strategic location of the project, with its proximity to major commercial hubs and transport infrastructure, makes it an attractive opportunity for developers and investors.

The redevelopment project is also expected to have a positive impact on the local community, with the rehabilitation of eligible tenants and the provision of new amenities. The project is a significant step forward in the redevelopment of Mumbai's slum areas, and is expected to set a precedent for future projects.

In terms of its significance, the project highlights the growing trend of joint development agreements in Mumbai's real estate market. The agreement between Ten X Realty and Shanti Om Residency Private Limited demonstrates the willingness of developers to collaborate and share risks in large-scale projects.

The project also underscores the importance of public-private partnerships in the redevelopment of slum areas. The involvement of the BMC, MHADA, and SRA in the project highlights the role of government agencies in facilitating the redevelopment of slum areas and providing affordable housing to eligible tenants.

Overall, the joint development agreement between Ten X Realty and Shanti Om Residency Private Limited is a significant development in Mumbai's real estate market, and is expected to have a positive impact on the local community and the city's urban landscape.