 "India's real estate sector, significantly buoyed by a robust economy, has emerged as a pivotal player in the country's development. With an 18 per cent share in national employment, real estate is the largest employment generator after agriculture. C")
The Mumbai Building Repairs and Reconstruction Board (MBRRB), a unit of the Maharashtra Housing and Area Development Authority (Mhada), has issued a tender for the cluster redevelopment of Kamathipura in South Mumbai.
The redevelopment of dilapidated cessed and non-cessed buildings and plots in lanes numbered 1 to 15 of Kamathipura will be carried out in an integrated manner under Regulation 33(9) of the Development Control and Promotion Regulations (DCPR) 2034 through the MBRRB.
The Kamathipura area, spread across 34 acres in South Mumbai, includes approximately 943 cessed buildings in lanes 1 to 15, with around 6,625 residential and 1,376 non-residential tenants/residents, totalling 8,001.
There are about 800 landowners in the area. The buildings in this region are approximately 100 years old. The total net plot area of this region is approximately 73,144.84 square metres (sq m).
As the plot sizes in this region are small and narrow, cluster redevelopment is the most viable solution, Mhada stated.
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 "real estate")
 "Housing, Houses, Apartments, residential building")
 "India's real estate sector, significantly buoyed by a robust economy, has emerged as a pivotal player in the country's development. With an 18 per cent share in national employment, real estate is the largest employment generator after agriculture. C")
 "Real Estate, IPO, Realty, stock market listing")
 "Blackrock")
Government approval for the Kamathipura cluster redevelopment project was granted via a government resolution on 12 January 2023. Based on this, tenders were invited for planning the project, and Mahimtura Consultants were appointed for the same. The project blueprint has been developed under the title Kamathipura Cluster Redevelopment Project – Urban Village. The project will also include commercial buildings and recreational grounds.
Additionally, through this project, 44,000 sq m of land will be made available to Mhada through the selected bidder, resulting in a significant increase in housing stock. The developer will receive 5,67,000 sq m of development rights, where a housing stock of approximately 4,500 new units is expected to be constructed.
According to Square Yards Data Intelligence, considering the sales transactions in Kamathipura in Q1 CY25, the property rate stood at ₹13,980 per sq ft, against ₹13,508 per sq ft in Q1 CY24.
A decision to compensate landowners in the Kamathipura area was taken as per the government resolution dated 2 July 2024. One housing unit of 500 sq ft area will be provided for land plots measuring up to 50 sq m, two such units for plots measuring between 51 and 100 sq m, three units for plots between 101 and 150 sq m, four units for plots between 151 and 200 sq m, and for every additional 50 sq m beyond 200 sq m, one additional unit of 500 sq ft will be provided to the landowners.
The Kamathipura cluster redevelopment would be the third significant project in Mumbai after the Dharavi Redevelopment Project (DRP)—a slum redevelopment project in association with the Slum Rehabilitation Authority (SRA)—and the Motilal Nagar Redevelopment Project in Goregaon West, where the developer was appointed by Mhada through a bidding process.
Both Dharavi and Motilal Nagar are being executed through the realty arm of the Adani Group. The cost of DRP has been estimated to be around ₹95,790 crore, while the Adani Group won the bid for Motilal Nagar for ₹36,000 crore.
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