Malabar Hill’s Ridge Apartment set for redevelopment

On July 29, the nine-storey Ridge Apartment, also known as New Ridge Apartment, located opposite the state government’s Sahyadri Guest House, signed a development agreement with Oberoi Realty for the redevelopment of the 27-flat building. The agreement was registered on July 30.

MUMBAI: Ridge Apartment, a 53-year-old residential building in Malabar Hill, is set to be redeveloped into a high-rise, becoming the latest housing society in the upscale neighbourhood to undergo a makeover.

(Anshuman Poyrekar/HT Photo)

On July 29, the nine-storey Ridge Apartment, also known as New Ridge Apartment, located opposite the state government’s Sahyadri Guest House, signed a development agreement with Oberoi Realty for the redevelopment of the 27-flat building. The agreement was registered on July 30.

The housing society, built in 1972 on a 2,400 sq m plot, began the redevelopment process in November 2023 by passing a resolution at a special general body meeting and appointing a consultant, according to the development agreement sourced from Property Science, a data-driven real estate platform by Liases Foras.

After conducting a feasibility study and evaluating proposals from multiple developers, the society selected Oberoi Realty’s bid in August 2024.

As part of the process, Oberoi Realty converted the Occupancy Class II land, which carries restrictions on transfer and ownership, into Occupancy Class I (freehold) land after paying ₹21 crore towards lease premium, conversion charges, stamp duty and registration fees. The conversion process was completed between May and July this year.

The project currently has a permissible built-up area of 13,100 sq m, reflecting a floor space index (FSI) of 5.4. Existing members will receive homes with 57% additional carpet area. Unlike many redevelopment projects, the existing residents and apartments earmarked for sale will be housed in the same building.

In a regulatory filing, Oberoi Realty said: “The company’s entitlement of the free-sale component from the redevelopment of the said land is estimated to be up to around 68,000 sq ft of RERA carpet area.”

According to the development agreement, each member will receive a one-time relocation allowance of ₹1 lakh, hardship compensation of ₹7,600 per sq ft per month, and ₹300 per sq ft per month towards rent and brokerage. The developer will also furnish a bank guarantee of ₹50 crore.

Ridge Apartment joins a growing list of Malabar Hill properties undergoing redevelopment, including Malabar Court, Ruparel House, St Elizabeth’s Hospital, Jeevan Vihar, Sapna, Simla House, Everest Chambers, Everest Apartments, Bharam Mahal, Jasmin Lodge, Puratan and Samrat Ashok.