Mumbai society where Shah Rukh Khan owns sea-facing flat to be redeveloped by IPO-bound Sri Lotus Developers
Shree Amrit Society, which houses Shah Rukh Khan’s sea-facing apartment, has appointed IPO-bound Sri Lotus Developers for its redevelopment
Shree Amrit Society on Carter Road in Mumbai’s Bandra, where Shah Rukh Khan owns a sea-facing terrace apartment, has appointed IPO-bound Sri Lotus Developers and Realty Limited for its redevelopment, multiple sources confirmed to HT.com.
Sources said that as part of the project, homeowners in the society will receive 155% more area post-redevelopment.
Sri Lotus Developers and Realty Limited, which received SEBI approval in May 2025 for a ₹792 crore initial public offering (IPO), is backed by Shah Rukh Khan’s family trust, Amitabh Bachchan, Hrithik Roshan, and investor Ashish Kacholia, according to the draft red herring prospectus (DRHP).
Khan purchased his apartment in the society shortly after his marriage to Gauri Khan.
According to a developer who wished to remain anonymous, Shah Rukh Khan purchased the apartment in the Shree Amrit building after his marriage, making it his first property acquisition in Mumbai. As such, it holds significant sentimental value. Although Khan does not live there and hasn’t rented it out, the apartment has been well maintained.
All about Shree Amrit Society in Mumbai
According to a tender floated by the society in July 2024, the plot spans over 4,000 sq metres and comprises three wings. Built in the 1980s on a collector's leasehold land, the building has been in discussions for redevelopment, with society members engaging with several developers, including listed players.
"We have now formally appointed Sri Lotus Developers and Realty Limited as our developer for the redevelopment. There are around 53 flat owners who will get 155% of additional area post redevelopment," a society member not wishing to be named told HT.com
Also Read: Shah Rukh Family Trust-backed Sri Lotus Developers gets SEBI nod for ₹792 crore IPO
"The society elected Lotus Developers after a voting session, and now we anticipate vacating the society in another six to eight months after the developer gets approval for the redevelopment. The construction period is around three years after getting the required approvals, with an additional six months of grace period," the society member added.
According to sources, the land parcel is a sea-facing plot spread over an acre on Main Carter Road.
"The society has managed to get a 155% extra area, and the total built-up area is 6 lakh sq ft, and the development value is ₹2,000 crore," a source told HT.com, not wishing to be named.
The particular housing society is around 2 km away from Galaxy apartments, where Bollywood actor Salman Khan resides, and around 3 km away from the Mannat bungalow of Shah Rukh Khan at Bandra Bandstand, which has been undergoing repair works for the past three months.
According to property registration documents by Zapkey.com, Shah Rukh Khan and his family have temporarily leased two duplex apartments, spanning 10,500 sq ft, in the Puja Casa building in the Pali Hill area of Khar. These flats will serve as his residence during the proposed repair and renovation of his 27,000 sq ft bungalow.
According to the documents, one of the apartments has 6,000 sq ft of carpet area, while the other has 4,500 sq ft.
Queries have been emailed to Sri Lotus Developers and Realty Limited. If a response is received, the story will be updated.
Also Read: Shahrukh Khan's sea-facing building on Mumbai’s Carter Road may go in for redevelopment
What is redevelopment?
In Maharashtra, many ageing buildings, particularly those between two and seven storeys, are undergoing redevelopment.
This process involves demolishing the old structures and constructing modern, larger buildings in their place, in line with regulatory norms. Residents of the original buildings typically receive bigger, upgraded apartments in the new development at no cost. The builder profits by selling a portion of the newly constructed flats in the open market. Additionally, the government generates revenue by selling the floor space index (FSI) required for the project.
Price of apartments on Carter Road
According to developers, apartment prices on Carter Road average around ₹1 lakh per sq ft, but can reach ₹1.30 lakh per sq ft or more for prime seafront units.
In July 2024, listed real estate developer Oberoi Realty announced it had entered into an agreement to develop and redevelop a 2,576 sq m land parcel on Carter Road. The company expects to generate approximately 40,000 sq ft of RERA carpet area as the free sale component from the project.
Bandra is also home to several other Bollywood stars, including Salman Khan, Aamir Khan, Sanjay Dutt, Ranbir Kapoor, and Deepika Padukone.
