Joshi Baug redevelopment.
A large mixed-use redevelopment in the Kalyan station catchment near Mohammad Ali Chowk, with road-front commercial and residential towers above. Historic planning material supports a big scheme. Our institutional underwriting asks what the documents can bank today: title, current KDMC entitlement, occupants and cost.
Buy the right to verify, not the unverified FSI story.
The opportunity is real and large. Three fatal gates are still open: title/CTS, current planning entitlement and transaction economics. The right move now is exclusivity plus funded diligence, not a fixed land value.
Points cleared so far. Diligence is approved; investment is not yet approved. Market/GDV is the only gate at amber.
- 25Title & CTSRule: do not closeOpen
- 25Planning / FSIRule: do not value entitlementOpen
- 20Occupant / rehabRule: no fixed rehab assumptionOpen
- 10Market / GDVRule: continue researchAmber
- 10Cost / QSRule: no IRR relianceOpen
- 10Funding / tax / structureRule: no capital-structure commitmentOpen
Location
Central Kalyan mixed-use catchment, with station, metro and road accessibility upside.
Scale
Historic planning material supports 29,174 sq.m of main FSI, or 46,678.4 sq.m including ancillary.
Value creation
A residential plus road-front commercial mix can create meaningful residual value if entitlement, rehab and cost survive verification.
Current posture
Secure information rights and exclusivity and fund diligence. No fixed land valuation or unconditional capital.
Allowed now
- Short-dated exclusivity / information rights
- Certified title + CTS/TILR work
- Current KDMC / architect feasibility
- Occupant re-survey + legal entitlement matrix
- QS, hydrology, fire and market diligence
Not yet
- Fixed valuation of the full 13,324 sq.m
- Fixed revenue share on 46,678.4 sq.m
- Unconditional land payment / minimum guarantee
- Absorbing all occupant liabilities
- Return claims on the placeholder model
Kalyan: rail, metro and ring-road investment.
The infrastructure drivers are real and current. We treat them as qualitative upside until registered micro-market transactions show a measurable premium for this project.
| Driver | Status | As of | Source |
|---|---|---|---|
| Metro Line 12 | 23.57 km · 19 stations; piles 37.12%, pile caps 31.54%, piers 25.88% | 31-Aug-2026 | MMRDA |
| Metro Line 5 / 5A | Thane–Bhiwandi–Kalyan + announced Ulhasnagar extension | May–Aug 2026 | MMRDA |
| Kalyan rail capacity | 6 platforms + 4 pit lines | 2026 | PIB / Railways |
| Station precinct | ₹600 Cr · 70% physical progress | Jan-2026 | MoSPI |
| Kalyan Ring Road | KDMC-approved alignment; diverts through traffic | Current | MMRDA |
A large gross plot, a much smaller physical one.
Roads and reservations absorb 58.2% of the historic gross plot. Separately, the parcel being planned has not yet been legally reconciled with the parcel that was conveyed.
Gross plot: 13,324 sq.m
Historic area statement · sq.m- 3,760DP road / widening · 28.2%
- 2,146HDH reservation · 16.1%
- 1,847Muster Shed reservation · 13.9%
- 5,571Net physical plot · 41.8%
Historic FSI mechanisms (reservation add-back, in-situ road compensation, premium FSI and TDR) try to preserve development potential. A change in road line, reservation or handed-over status would change both the physical land and the FSI that can be sold.
Planning dataset vs title dataset
The asset being planned is not yet legally reconciled with the asset conveyed.
CTS 2909B/1, /2, /3/1, /4 · 2912A/2A, /2B, /2, /C1
Proforma-1, 10-Dec-2021
CTS 2921/1–2921/15, 2922, 2923, 2924 + part 2909A
25-Apr-2019 deed · 01-Jul-2019 confirmation
- Do the 2019 CTS numbers map to all 2909B/2912A CTS?Needs TILR genealogy, current property cards and mutation mapsOpen
- Is all 13,324 sq.m under clear, marketable control?30-year search, Index II, property cards, POAs, successionOpen
- Any mortgages, charges or prohibitory orders?IGR, CERSAI, court, revenue and municipal searchOpen
- Do decrees or consent terms restrict development?Forensic title chronology and certified case papersOpen
- Has all acquisition consideration been discharged?Partly evidenced; payment reconciliation and releases neededPartial
The 2021 land-to-FSI pipeline, reconstructed.
From the historic Proforma-1 (10-Dec-2021), which states it is subject to the KDMC DP remark. The main FSI case is the conservative screening base. Ancillary FSI is treated as upside, not base.
- Gross plot13,324
- Physical deductions−7,753
- Net physical plot5,571
- FSI add-back+3,993
- Basic FSI base9,564
- Basic FSI BUA10,520.40
- Premium FSI+6,662
- In-situ road FSI+7,520
- TDR+4,471.60
- Main FSI29,1743,14,026 sq.ft
- Ancillary+17,504.40
- Stated total46,678.405,02,442 sq.ft
| Case | BUA sq.m | Use | Status |
|---|---|---|---|
| 0 · Current certified | — | The only bankable case, once the current architect and KDMC have verified it | Missing |
| 1 · Main FSI | 29,174 | Conservative document scenario; the base model uses it | Illustrative |
| 2 · Main + ancillary | 46,678.4 | Upside scenario; highest verification burden | Illustrative |
| 3 · Old public brochure | ~29,175 | Historic cross-check only | Reference |
- FatalCurrent DP differs from 2021 basisCertified DP remark; otherwise reprice or redesign on lower entitlement.
- HighAncillary FSI uneconomicCurrent rule, charges and design test; fall back to main FSI only.
- HighFire / parking cuts efficiencyEarly concept test; lower height or more wings.
21 structures, claimant by claimant.
The survey inventories owners, tenants, pagdi and commercial occupants, surrendered rooms and redevelopment claimants. Survey counts are not a legal entitlement roll and may overlap.
Land / structure owner
Title or structure right; needs title proof and succession.
Ownership flat owner
Ownership or society rights; needs sale deed, share and possession.
Statutory tenant
Tenancy protection; needs rent or tenancy evidence.
Pagdi / commercial
Business and tenancy rights; needs rent, licence and use evidence.
Surrendered occupant
Release may be full or partial; needs a full-and-final release and payment proof.
Redevelopment claimant
Contractual replacement, rent or corpus; needs the original agreement and its performance status.
Heir / succession
Standing depends on succession; needs death, heirship and probate papers.
Disputed / pending
Eligibility unresolved; needs a legal opinion, settlement or court outcome.
- Survey
- Legal classification
- Agreement audit
- Liability schedule
- Settlement / releases
- Vacant possession
- Demolition start
A wide GDV range, returns withheld.
Screening case: main FSI (3,14,026 sq.ft) at 80% saleable efficiency, split 75/25 residential/commercial. IRR and equity multiple are deliberately withheld until the 10 mandatory inputs are in.
GDV scenario screen
₹ Cr · gross / netThe upside depends on the stated ancillary FSI plus stronger pricing and efficiency. None of the three cases is IC-bankable until title, current entitlement, market comps and full project cost are complete.
Kalyan West residential benchmarks
₹ / sq.ft · portal data, Q3 2026Portal benchmarks are directional. Before GDV is bankable we need at least 45 targeted samples: registered and live new-build, resale, ground-floor retail by frontage, upper commercial, and parking/office/clinic.
GDV sensitivity: price × saleable efficiency
₹ Cr · main FSI caseRows show saleable efficiency; columns show residential price per sq.ft. Commercial price is held at ₹15,000. GDV spans roughly ₹181 Cr to ₹297 Cr before entitlement or cost change. The outlined cell is closest to the base case.
Corrected partial pre-finance cost
₹ Cr · priced itemsNot a project cost. Still unpriced: rehab construction, transit rent, corpus/settlement, statutory premium/TDR/authority charges, landowner/JV consideration or MG, and tax-structure leakage. (The itemised lines total ₹140.81 Cr; the rest of the baseline is not itemised in the source extract. An earlier ₹266.79 Cr figure double-counted hard cost.)
46 risks, concentrated where it matters.
5 fatal, 31 high and 10 medium. Risk sits in title, planning, occupants and cost, not in one isolated technical issue. The right answer is staged capital with hard stop and repricing rights.
Risks by severity
Count of 46Material risks by area: title/CTS 5 · planning/FSI 5 · occupants 5 · cost/finance 7 · site/design 6 · market/commercial 5.
- FatalDevelopment CTS not reconciled to 2019 scheduleTILR genealogy, certified property cards, advocate chain → otherwise conditional option only.
- FatalClear title to all 13,324 sq.m not established30-year search, deeds, mutations, succession → reprice to verified land or walk away.
- FatalCurrent KDMC DP remark not obtainedCertified DP remark → underwrite only the lower verified case.
- FatalHistoric FSI may not be usable todayCurrent UDCPR feasibility → lower development case or walk away.
- FatalLand / JV commercial terms not setResidual land value after verified feasibility → variable share, cap or MG only after DD.
- HighOccupants, old agreements, rehab area, premium/TDR, hard costAgreement-by-agreement audit, architect rehab schedule, authority calc, QS Class 3 → 2.
Control the opportunity, keep the right to walk away.
Preferred mechanism today: a conditional option or exclusivity, with diligence rights and CP-based pricing. It converts to a JD/JV only once title, entitlement, occupants, QS and the tax/funding structure are cleared.
- Low capitalExclusivityShort-dated information, site and survey rights.
- Stop / cure / repriceFatal DDTitle/CTS plus current planning entitlement.
- Residual valueSocial + costOccupant liabilities, QS, site risk, market comps.
- No fixed historic FSI shareHeads of termsFormula-based JD/JV economics linked to verified BUA and liabilities.
- Staged drawdownCapital closeLender / AIF / equity after CPs, security and RERA path.
| Structure | Suitability today |
|---|---|
| Conditional option / exclusivity | Preferred now |
| Joint development (JDA) | Potentially, after title/CTS and occupant rights are clear |
| Equity JV SPV | Useful for institutional capital after legal/tax feasibility |
| Development management / PMC | May fit if owners can fund; not established |
| Outright acquisition | Reject today |
- W1Title, CTS, DP remark, TILR surveyAdvocate, surveyor and architect start in parallelFatal path
- W4UDCPR feasibility, fire/parking test, hydrology, compsArchitect, fire consultant, civil engineer, valuerHigh
- W5Occupant eligibility and obligations; possession planAdvocate, CA, PMC: runs to W12High
From the institutional underwriting deck.
Selected slides from the Joshi Baug institutional presentation (v2.0, Oct 2026). Select any slide to enlarge it, then use the arrow keys to browse.
Help close the gates on Joshi Baug. Then price it properly.
If you hold title documents, occupant records or capital for a staged, conditional entry, we'll walk you through the evidence register and the 90-day diligence plan.