Mira Road–Bhayandar mixed-use development.
A 10,670 sq.m parcel (S.No. 532/533) in Village Bhayandar, zoned R-Zone and non-CRZ, on an 18m DP road in the TOD context between the Western Railway and Metro Line 9. The feasibility model supports a residential-led scheme with a commercial edge. We are now testing it for a joint-development or investor partnership.
An investment-ready discussion, gated by verification.
The site supports a serious investor or JD conversation now. Title, survey, planning and market validation are conditions precedent, and capital is released only after they are met.
- Plot
- S.No. 532/533, Village BhayandarTaluka & District Thane
- Zoning
- R-Zone · Non-CRZAs marked on the area statement
- Access
- 18.00m wide DP roadWithin TOD context
- Land records
- 7/12: 63/1 (0.63 ha) + 51/1 (0.437 ha)= 1.067 ha = 10,670 sq.m
- Ready reckoner
- 25,600 Approximate, as stated in the feasibility report
- Product
- 80% residential · 20% commercialBy saleable carpet
- Structure sought
- JDA / SPV with milestone-gated investor capital
- Status
- Beta investor discussionDraft feasibility + redline diligence
Transit-led location
Bhayandar station on the Western Railway, Metro Line 9 (Dahisar–Mira Bhayandar) and the proposed Metro Line 13 all serve the catchment.
High development intensity
Basic FSI, TDR, premium and 60% ancillary area take total FSI to 6.05× the net plot in the model.
Area reconciles numerically
The two 7/12 extracts add up exactly to the gross plot area used in the feasibility report.
Capital protected by gates
Six funding gates, escrow, third-party certification and step-in rights are built into the proposed structure.
Western Rail + metro-led growth corridor.
Bhayandar sits where the suburban rail spine meets two metro lines, tying the site to Mira Road, Dahisar and Mumbai to the south and to Vasai-Virar to the north.
MMRDA-stated corridor length
MMRDA-stated stations
Public approval reports
Public approval reports
From gross plot to saleable carpet.
The model loses 1,439 sq.m to the DP road setback and an encroachment. It then builds FSI from the net plot, adding TDR, premium FSI on the gross plot and 60% ancillary area.
Gross plot area: 10,670 sq.m
Area reconciliation · sq.m- 9,231.00Net plot · 86.5%
- 1,072.00Less DP road setback · 10.0%
- 367.00Less encroachment · 3.4%
No nalla or deductible amenity area is applied in the current model. Net area depends on the final survey, DP road alignment and how the encroachment is resolved.
- Net plot9,231.0099,362 sq.ft
- Basic FSI / existing BUA10,154.101,09,299 sq.ft
- + TDR loading2,144.0023,078 sq.ft
- + Premium on gross plot22,583.202,43,086 sq.ft
- Total entitlement34,881.303,75,462 sq.ft
- + 60% ancillary20,928.782,25,277 sq.ft
- Total FSI55,810.086,00,740 sq.ft
What makes up total FSI
sq.m · share of 55,810Over three-quarters of the potential depends on premium and ancillary FSI, which is why municipal validation of FSI, TDR, premium and ancillary area is a high-severity gate.
| Metric | Value | Meaning |
|---|---|---|
| Net / gross plot | 86.5% | Area retained after deductions |
| Total FSI / gross plot | 5.23× | Intensity on gross land |
| Total FSI / net plot | 6.05× | Intensity on net land |
| Net carpet / total FSI | 70.0% | Carpet conversion |
| Net carpet area | 39,067.06 sq.m | 4,20,517.79 sq.ft |
Residential-led, with commercial upside.
The base case treats all 4,20,517.79 sq.ft of net carpet as saleable developer carpet. The landowner share and JDA terms will be negotiated separately and reduce this.
Saleable carpet by use
sq.ftUnits, monetised at ₹7 lakh each
To be negotiated under the JDA
₹823.69 Cr income to ₹405.72 Cr profit.
This is the static base case from the feasibility report. Time, debt, GST, escalation and contingency are not yet modelled, so the 97.07% return on cost is a figure to stress-test, not a promise.
Revenue: ₹823.69 Cr
₹ Cr · share of incomeCommercial is 20% of the area but 35.7% of the value, because its assumed rate is 2.33× the residential rate. A 10% move in achieved prices shifts gross revenue by about ₹80 Cr.
Cost stack: ₹417.97 Cr
₹ Cr · share of costConstruction ₹220.77 Cr (₹3,500/sq.ft incl. GST) + podium ₹31.30 Cr (₹2,100/sq.ft) = ₹4,196 per sq.ft of total FSI. Pre-CC includes ULC ₹3.89 Cr, EC NOC ₹2.00 Cr and Estate Investment NOC ₹1.72 Cr.
Sensitivity: indicative profit
₹ Cr · before secondary effectsPrice is the biggest swing factor. IRR will be finalised from a monthly cash flow with funding tranches, collections, debt drawdown, escalation, GST/tax and exit timing.
| Line | ₹ Cr | Why it matters |
|---|---|---|
| Construction | 252.07 | Largest exposure; needs an independent QS test |
| Land + CC | 108.87 | Pre-build burden; approval-linked outflows |
| Commercial sales | 294.36 | Revenue concentration at ₹35,000 / sq.ft |
What could break the case, and how it's controlled.
The real weaknesses are unverified facts and missing controls. Each is presented as a condition precedent with a named mitigation.
- FatalTitle, ownership or encumbrance defectNo investor close until the title chain and litigation search are clean.
- HighFSI / TOD / premium / TDR not approved as assumedIndependent architect and legal confirmation, plus authority feedback.
- HighEncroachment or DP road geometry alters net areaMeasured survey, demarcation and reconciliation with municipal records.
- HighRates not achievable or absorption weakMarket study, comparable pricing and sensitivity cases.
- HighConstruction cost under-budgetedQS estimate, escalation, contingency and a procurement plan.
- MediumApprovals delay / carrying costMilestone schedule and a cash-flow buffer.
- MediumCommercial pricing concentrationProduct-mix review and a staged sales plan.
- MediumMissing debt / tax / escrow assumptionsMonthly model with tax, RERA and debt controls.
Legal / title
7/12 extract · conveyance deed · title search · litigation search · encumbrance certificate · ownership / JDA authority
Planning / approvals
DP remarks · CRZ confirmation · TOD eligibility · 18m DP road plan · FSI/TDR certificate · approval path note
Technical
CTS/TILR map · total station survey · encroachment map · concept massing · parking compliance · QS cost plan
Commercial
Rate comps · absorption study · product mix · sales phasing · parking demand · commercial frontage validation
Milestone-gated joint development.
The structure aligns landowner, developer and investor around verifiable milestones through a ring-fenced project SPV. Investor money is staged, not released upfront.
- Land ownerLand and title contribution, survey and approvals support, JDA obligations.
- DeveloperApprovals and design, construction execution, sales management.
- InvestorMilestone capital, governance rights, return waterfall.
- Project SPVRing-fenced account, RERA compliance, MIS and reporting.
- ExitSales realisation, debt and investor payback, profit distribution.
| Gate | Trigger | Capital action |
|---|---|---|
| 1 | Title + survey + encumbrance clean | Diligence cost only |
| 2 | FSI / TOD / DP road validation + architect note | Soft commitment / term sheet |
| 3 | Approval path and cost plan frozen | First development tranche |
| 4 | RERA / sales launch readiness | Sales & construction working capital |
| 5 | Construction milestones certified | Progress drawdowns |
| 6 | OC / handover / sales realisation | Return waterfall and closure |
- 0–15Document captureTitle, 7/12, conveyance, property card, DP remarks, CTS/TILR, CRZ, survey, encroachment statusDays
- 15–30Technical validationFSI/TOD recheck, DP road plan, premium/TDR pathway, massing, cost plan, parkingDays
- 30–45Commercial underwritingRate validation, absorption, product mix, sales phasing, schedule, sensitivityDays
- 45–60Transaction packageJDA/DA terms, investor term sheet, SPV, escrow/RERA strategy, governance rightsDays
From the investor deck.
Conceptual illustrations from the Bhayandar JD / investor pitch (beta). Select any image to enlarge it, then use the arrow keys to browse.
Interested in Mira Road–Bhayandar? Start with the diligence pack.
We'll share the feasibility report, area statement and land-record review under NDA, and set out the 45–60 day path to a bankable package.