Lodha group inks JDA for a luxury project on Worli promenade

The total permissible built-up area for the project is 40,917 sq m, of which 26,156.66 sq m will be used for rehab component and 22,233.16 is the permissible sale built up area and with 35% fungible, the total free sale component will work out to 30,015.44 sq m

Mumbai: Macrotech Developers Ltd, the flagship company of Lodha Group, have inked a joint development agreement for redevelopment of a sea-facing slum project on Khan Abdul Gaffar Khan Road on Worli Sea Face for an agreement value of ₹359.47 crore.

Construction area SRA+Lodha Luxury, at Worli. (Bhushan Koyande/HT Photo)

The firm has signed the agreement with Sattadhar Constructions and promoter Manju Paras Porwal to develop and market the free sale component of the slum project, which involves a land area of 7,911 sq m or 85,000 sq ft. The transaction was registered on October 11 and Macrotech Developers paid a stamp duty of ₹17.97 crore, according to registration documents accessed and shared by CRE Matrix, a real estate analytics firm.

Sattadhar Constructions had signed a development agreement with Subedar Ramaji Ambedkar co-operative housing society to redevelop the slum in July 1996, and had received the Letter of Intent from Slum Rehabilitation Authority in January 1998, which was revised in April 2004, July 2016, and April 2023, according to the documents.

Sattadhar Constructions and Porwal will be responsible for constructing the SRA, while Macrotech Developers will develop the sale component and the net revenues will be shared.

The total permissible built-up area for the project is 40,917 sq m, of which 26,156.66 sq m will be used for rehab component and 22,233.16 is the permissible sale built up area and with 35% fungible, the total free sale component will work out to 30,015.44 sq m. The rehab component will involve construction of 493 rehab tenements for residential use, 16 for commercial use, and amenities like balwadis, welfare centres, society office, library, a community hall and a youth centre.

The developer plans to build a 38-storey single luxury tower for sale, and Sattadhar Constructions will get apartments on five floors in the proposed 38-storey luxury tower, the documents indicate.

The transaction also involves a buildable reservation on 1,211 sq m of land for the Worli milk dairy which will be built free of cost and handed over to the Dairy Development department, according to the documents.

The slum project is located close to the Worli Milk Dairy at the southern end of the Worli Sea Face promenade. The deal will allow the Lodha Group to develop a luxury project on the Worli promenade, which unlike the Marine Drive promenade, does not have any heritage restrictions in terms of height.