Saraswati Bhavan JV redevelopment.
A South Mumbai infill redevelopment on Lamington Road and Dr. P. G. Solanki Marg (Tardeo Division) that joins a cessed and a non-cessed city-survey parcel. One 26-level tower separates rehab, parking and premium sale floors, and an incoming developer or investor partner is offered a 50:50 joint venture.
A rare South Mumbai infill, rehab-led and JV-ready.
The proposition works if entitlement closure, rehab execution planning and financial reconciliation are completed before any binding commitment. That is what the current diligence gates are for.
- Project
- Saraswati Bhavan Redevelopment
- Location
- Lamington Road / Dr. P. G. Solanki MargTardeo Division, South Mumbai
- Parcels
- C.S. No. 263 (cessed) + C.S. No. 1/263 (non-cessed)
- Gross combined plot
- 1,581.77 sq.m
- Net buildable plot
- 1,129.09 sq.mAfter road setback surrender
- Certified existing BUA
- 1,709.12 sq.m
- Tower envelope
- 91.95 m · basement + 26 levelsTentative
- Delivery model
- 50:50 joint-venture redevelopment
- Land value considered
- ₹50 CrAs per project report
Prime micro-market
Between Grant Road and Tardeo, with Western Railway, Metro Line 3 and established retail, commercial and residential precincts nearby.
Multi-parcel title
Combining the two parcels gives a scale that neither could support on its own, with a tenant rehabilitation framework built in.
Vertical separation
Commercial, rehab and sale residents each get their own floors, cores and parking, which improves saleability of the upper stack.
Shared-upside entry
Owners and the incoming partner each hold 50% and fund 50% of project cost, which aligns incentives.
Central South Mumbai, on Lamington Road.
The site fronts Lamington Road, with access from Dr. P. G. Solanki Marg. Grant Road and Mumbai Central stations, Girgaum, Opera House and Tardeo are all within the catchment.
Grant Road & Mumbai Central
Two key Western Railway stations give fast access across the city.
Tardeo, Girgaum & Opera House
Established residential, retail and commercial precincts all around.
Lamington Road frontage
Prominent primary retail frontage, with secondary access via Dr. P. G. Solanki Marg.
Two parcels, one plot, 28.6% surrendered to road.
Road-setback surrender takes 452.68 sq.m from the combined plot. Entitlement is then built from a rehab obligation plus incentive and fungible sale FSI.
C.S. No. 263 · cessed
Lamington Road frontage · sq.m- 1,161.20Gross plot
- 314.82Setback · 27.1%
- 846.38Net plot · 72.9%
C.S. No. 1/263 · non-cessed
Secondary frontage · sq.m- 420.57Gross plot
- 137.86Setback · 32.8%
- 282.71Net plot · 67.2%
- Rehab BUA obligation2,454.55To existing occupants
- Pre-fungible sale BUA3,006.39Incentive + other
- + 35% fungible sale FSI1,052.24
- Theoretical total sale BUA4,058.6343,687 sq.ft
- Drawing-based sale BUA3,103.3733,405 sq.ft · 76.5%
Certified schedules, seven decision gates.
Certified tenant schedules and parcel data give the diligence a meaningful base. Record rows are not the same as independent households or units, so clubbing, surrender and abeyance cases are being verified.
Across schedules
Schedule rows
Schedule rows
Tenant / occupant
- Title & controlTitle search and ownership-chain review under wayProgressing
- Tenant closureCessed and non-cess schedules compiled for verificationIn progress
- Approval baseDCPR, MHADA and MCGM records being reviewedIn progress
- Area freezeArchitect certification and FSI metrics under validationIn progress
- Cost & programmePreliminary cost model and phasing under reviewIn progress
- Market & GDVBenchmarking follows the area freezeNot started
- Deal structureEvaluated once diligence closesNot started
Rehab below, premium sale above.
A strictly segregated tentative stack: a commercial edge at street level, podium parking, rehab residential in the middle and larger-format sale homes with city views at the top.
Sale BUA by floor
sq.m · from available drawingsTotal sale BUA 3,103.37 sq.m (~33,405 sq.ft) across the 11th and 17th–25th floors. Open item: convert plan areas into a final saleable carpet schedule for the GDV model.
~707–797 sq.ft
~807–852 sq.ft
| Floor | Provision | Use |
|---|---|---|
| 3rd | 8 cars | Rehab |
| 4th | 22 cars + 3 two-wheelers | Rehab |
| 5th, 7th–10th | 11 cars / floor | Sale |
| 6th | 10 cars | Sale |
Premium compact product, priced against Tardeo.
Target positioning sits between the Grant Road and Tardeo benchmarks. The working sponsor assumption is ₹55,000 per sq.ft of carpet, to be validated after the area freeze.
The market is active, but supply is rising faster than absorption.
Listed and researched reference rates
₹ thousand / sq.ftBenchmarks are directional listed or researched reference values, not valuation or contracted transaction evidence. Market benchmarking follows the area freeze.
A 50:50 framework for investor entry.
Existing owners dilute 50% of their land rights to an incoming developer or investor. Both partners then share project cost and upside equally, from approvals onwards.
Contribute land rights
- Hold 50% ownership in the plot after dilution
- Dilute 50% of land rights to the partner
- Bear 50% of project expenses, from approvals onwards
Contribute capital + execution
- Pay ₹25 Cr to existing owners for 50% of land rights
- Hold 50% ownership in the plot
- Contribute 50% of project cost
Next steps to a bankable JV
- 1–2 weeksFinalise term sheetKey commercial terms, governance and exclusivity.
- 2–4 weeksClose title & parcel controlConsolidate title, approvals and development rights.
- 4–6 weeksReconcile area / sale scheduleFinalise built-up area, sale components and phasing.
- 6–8 weeksUpdate cost & funding modelValidate cost, phasing, funding structure and cash flows.
- 8–12 weeksValidate product & pricingConfirm product mix, positioning and achievable rates.
- 12–16 weeksExecute JV / SPV documentsJV agreement, shareholder documents, project SPV.
The JV proposal, slide by slide.
The full Saraswati Bhavan JV redevelopment proposal (V3). Select any slide to enlarge it, then use the arrow keys to browse.
Partner on Saraswati Bhavan. Fifty-fifty, from approvals on.
We'll take you through the certified schedules, the area reconciliation and the draft term sheet, and agree an exclusivity window for your own diligence.