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IPO-bound Sri Lotus Developers, backed by SRK and Amitabh Bachchan, to turn old Mumbai buildings into ₹10–50 crore flats
SRK, Amitabh Bachchan, and Ashish Kacholia-backed Sri Lotus Developers to focus on redeveloping old Mumbai buildings into ₹10–50 crore luxury apartments
Mumbai-based Sri Lotus Developers and Realty Ltd, backed by Shah Rukh Khan’s family trust, Amitabh Bachchan, Hrithik Roshan, and investor Ashish Kacholia, is set to launch its Initial Public Offering (IPO) next week. The company aims to raise around ₹792 crore to fund three ongoing real estate projects in Mumbai.
The developer will continue to focus on prime city locations, with an emphasis on redeveloping old buildings to deliver luxury apartments priced between ₹10 crore and ₹50 crore.
As of June 30, 2025, the company had completed 0.93 million sq ft of developable area, spanning both residential and commercial assets, with a future pipeline exceeding 1.8 million sq ft. Its portfolio includes four completed projects, five ongoing ones, and 11 upcoming developments located in areas such as Andheri, Juhu, Bandra, and South Mumbai.
The firm also plans to expand further into South and Central Mumbai locations like Nepean Sea Road and Prabhadevi, as well as eastern suburbs including Ghatkopar.
According to the statement, the company has four completed projects, five ongoing projects, and 11 upcoming projects in areas such as Andheri, Juhu, Bandra, and South Mumbai.
The company plans to expand its reach in southern and central regions of Mumbai, such as Nepean Sea Road and Prabhadevi, and eastern suburbs of Mumbai, such as Ghatkopar, it said in a statement.
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The company's developments focus primarily on ultra-luxury residential and commercial properties. It constructs and develops 2BHK and 3BHK flats with a price range of ₹ 3 crores to ₹ 7 crores and 3BHK, 4 BHK, and 4+ BHK flats and penthouses with a price range above 7 crores.
Anand Pandit, the Chairman and Managing Director of Lotus Developers, said, "Going further, our plan is to focus on products in the ₹10 crore to above ₹50 crore price range. We want to focus on luxury and ultra-luxury projects, considering that is what our focus has been. We do not have any debt as such right now to raise an IPO, but considering we are in the redevelopment space and luxury projects, having an IPO and listing it adds value to our brand."
Bollywood connection of the company
In December 2024, Sri Lotus Developers had raised approximately ₹400 crore through a private placement of 26.61 million shares at ₹150 per share. Among the investors, Bollywood star Amitabh Bachchan purchased around 6.7 lakh shares for ₹10 crore, while the Shah Rukh Khan Family Trust acquired about 6.75 lakh shares for ₹10.1 crore.
Shree Amrit Society on Carter Road in Mumbai’s Bandra, where Shah Rukh Khan owns a sea-facing terrace apartment, had in June 2025, appointed IPO-bound Sri Lotus Developers and Realty Limited for its redevelopment.
Also Read: Why do some Bollywood stars prefer renting over buying homes in Mumbai?
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.
