MUMBAI: Realty developer Runwal Enterprises has secured redevelopment rights for two significant land parcels totaling four acres in Marine Lines and Bandra, with a gross development value exceeding Rs 5,000 crore.
These projects will operate under the cluster redevelopment plan in line with Regulation 33(9) of the Development Control and Promotion Regulations (DCPR), which the state government encourages to boost large-scale urban renewal and infrastructure projects.
Subodh Runwal, director of Runwal Enterprises, stated, “These agreements are for the redevelopment of two private housing societies on premium land parcels, including rights for the Marine Lines project, which has been stalled for over a decade but is now set for revival,” as reported by RealtyDailyNews.
The developer intends to invest over Rs 2,500 crore for these projects, which will involve more than 600 current society members, and is in the process of obtaining government approvals. The financing structure includes 1 million sq ft of development, encompassing free-sale and rehabilitation components, funded through internal accruals.
Among the two, the sea-view project near Saifee Hospital in Marine Lines spans 1.5 acres with an estimated development potential of 5 lakh sq ft, which includes 2 lakh sq ft for rehabilitation. The free-sale segment is expected to generate around Rs 3,000 crore in revenue.
The 2.5-acre Bandra West plot also has similar development potential, with free-sale and rehabilitation components totaling 5 lakh sq ft. The free-sale segment near Bandra Talao is projected to yield Rs 2,000 crore. Both projects are set to commence in the first quarter of the upcoming financial year.
Many cluster redevelopment initiatives in the city have faced delays in recent years due to fragmented ownership, funding issues, and extended litigation. However, improved market conditions, policy incentives, and clearer regulatory frameworks have encouraged established developers to acquire redevelopment rights and move forward with long-delayed projects.
Industry experts note that these efforts are helping unlock extensive urban land parcels, address existing challenges, and introduce new housing options in some of Mumbai’s densest neighborhoods, providing residents with upgraded homes and enhanced civic amenities.
The cluster redevelopment policy enables developers to combine multiple adjacent plots or housing societies into a unified redevelopment scheme, leading to higher floor space index (FSI), improved planning, and better infrastructure provisioning, particularly in Mumbai’s space-constrained urban areas.
