Ashar Group Secures Early Occupation Certificates for Bandra and Kalwa Redevelopment Projects

Ashar Group has secured Occupation Certificates (OCs) for two major redevelopment projects in the Mumbai Metropolitan Region—Ashar Arize in Kalwa, Thane, and The Legend by Ashar in Pali Hill, Bandra—approximately 20 months ahead of their respective timelines registered under the Real Estate Regulatory Authority (RERA). This early achievement is particularly noteworthy given that over 40% of under-construction housing projects in the region have experienced delays.

The two projects collectively account for the delivery of more than 1,200 residential units, marking a significant milestone in a segment where delays are common. Industry data indicates that over 40% of under-construction housing inventory in the Mumbai Metropolitan Region has faced timeline overruns, especially within redevelopment projects.

Ashar Arize, located in Kalwa, Thane, was launched in April 2022 with a scheduled completion timeline extending to 2027. The project spans approximately four acres and comprises 40-story residential towers offering one- and two-bedroom units. In addition to residential space, the development integrates around 20,000 sq ft of high-street retail, with tenants including national retail and healthcare brands. The project also includes amenities such as a swimming pool, gymnasium, clubhouse, sports courts, and children’s play areas.

The Legend by Ashar, situated in Pali Hill, Bandra, is positioned within the premium residential segment, where redevelopment projects typically involve higher complexity due to land constraints, regulatory approvals, and stakeholder management. The project’s early completion reflects execution timelines in a location where redevelopment activity is often subject to extended approval processes.

Company officials indicated that project execution involved coordination across approvals, consent management, construction sequencing, and financial planning, particularly in redevelopment formats where existing occupants and legacy title structures add layers of complexity.

Redevelopment projects form a substantial portion of housing supply in Mumbai’s island city and older suburban areas, accounting for an estimated 60–65% of new residential development. However, these projects also carry higher execution risks due to regulatory requirements, tenant rehabilitation obligations, and construction within occupied urban environments.

Ashar Group has been active in the redevelopment segment across the Mumbai Metropolitan Region, focusing on residential projects in established urban locations. The early issuance of Occupation Certificates for both projects indicates completion of construction and compliance with regulatory requirements, enabling the handover of units to residents ahead of schedule.

The development highlights execution timelines within the redevelopment segment, where project delivery schedules remain a key factor for homebuyers and stakeholders.