Jaipur-Based Manglam Group forays into Mumbai real estate market with ₹150 crore redevelopment project in Borivali

Mumbai redevelopment news: Manglam Group said the company will invest ₹100 crore for the project and build 80 apartments

Jaipur-based Manglam Group has announced its entry into the Mumbai real estate market with the acquisition of a redevelopment project in Borivali. The project, undertaken under Manglam and Karnani Ventures LLP, involves an investment of ₹100 crore and is expected to generate revenue of ₹150 crore.

Jaipur-based Manglam Group has announced its entry into the Mumbai real estate market with the acquisition of a redevelopment project in Borivali. (Picture for representational purposes only) (Mehul R Thakkar/HT)

According to the company, the project spans 80,000 sq ft of prime land, marking Manglam’s growing presence in the city’s thriving real estate market and reflecting its commitment to creating high-quality homes through redevelopment.

The company said that the project will comprise 80 apartments, with half reserved for existing tenants and the other half available for sale in the open market. The company said that it will build 2 BHK apartments with RERA carpet sizes ranging from 680 to 776 sq ft.

The company said that the project is situated on SV Road, near Borivali Railway Station.

“Mumbai has always been a city of opportunity, and redevelopment is central to its future growth story. Our vision is to contribute meaningfully to Mumbai’s evolving skyline while creating sustainable value for all stakeholders, including tenants, new homebuyers, and the broader community. With an investment commitment of ₹100 crore, we are confident that Manglam Rajanigandha will stand as a benchmark for quality redevelopment and set a new standard for residential living in the city," said N K Gupta, chairman, Manglam Group.

According to the company, homeowners will also enjoy a complimentary lifetime membership at the Mandapeshwar Civic Federation Gymkhana, a premier social and recreational institution, in addition to the project's own offerings.

Manglam Group was founded in 1997, and has delivered units to 35,000 families spanning townships, residences, and more, totalling 518 lakh sqft and 87+ completed and 32 ongoing projects. The company also has ventures, including Manglam Spa and Resort, The Jaipur Westin, Manglam Plus Medicity Hospital, and Fun Kingdom amusement park, which are part of the Group.

Mumbai redevelopment market

According to the Knight Frank India report, as many as 44,277 apartments worth ₹1.30 lakh crore are expected to enter Mumbai’s real estate market through the redevelopment segment by 2030. The free-sale component from society redevelopments is projected to generate around ₹7,830 crore in stamp duty and ₹6,525 crore in Goods and Services Tax (GST).

The report stated that the Borivali, Andheri, and Bandra micro-markets emerged as the top three redevelopment hotspots, collectively contributing over 139 acres of activity.