Lodha Developers Acquires 945 Units in Mumbai’s Mankhurd for SRA Project
Real estate giant Lodha Developers has acquired 945 residential units in Mumbai’s Mankhurd, equivalent to around 50,000 square metres, to fulfill its commitment to the Slum Rehabilitation Authority (SRA).
Lodha DevelopersSlum Rehabilitation AuthorityReal EstateMankhurdPtc UnitsReal Estate MumbaiJun 18, 2025
According to transaction documents accessed by real estate data analytics firm CRE Matrix, the deal was registered on June 3. A stamp duty of around Rs 34 crore was paid for the transaction. Observers stated that the deal will allow Lodha to maximize the sale potential at its Vikhroli project, while at the same time, Arihant is able to liquidate a large part of its free sale inventory in one instance, bringing in significant cash flows.
Lodha will hand over the 945 units as permanent transit camp (PTC) units to SRA, which was mandated by the authority as per the SRA scheme for the Vikhroli project. According to industry observers, this has been one of the largest deals of its kind, where a developer fulfills the mandated PTC requirement for SRA by providing it on another land parcel.
The developer, on handing over the required PTC units, gets additional development rights for their projects, in the form of additional floor space index (FSI), allowing developers to build higher and supply more units. Such arrangements are permitted under Regulation 33(11) in the Development Control and Promotion Regulations, 2034, where developers are allowed to club allowable FSI between schemes, and transfer the unutilised FSI from one project to another to enable more construction, if the developers provide the required number of PTC units to the SRA.
PTCs are used by developers to house slum residents who have been temporarily displaced due to redevelopment or infrastructure projects. Under SRA schemes, existing and eligible slum residents or tenants are eligible to receive free and permanent homes on one component of a land parcel, while developers are free to develop and sell the rest of the land, or use or sell the development rights elsewhere through arrangements like Transferable Development Rights (TDR).
Moneycontrol has reached out to Lodha Developers for comment, and the story will be updated if a response is received.
Frequently Asked Questions
What is the purpose of the 945 units purchased by Lodha Developers?
The 945 units purchased by Lodha Developers will be handed over to the Slum Rehabilitation Authority (SRA) as permanent transit camp (PTC) units, as mandated for their Vikhroli project.
How much did Lodha Developers pay for the units?
Lodha Developers paid around Rs 567 crore for the 945 units in Mankhurd.
What is the significance of the PTC units in the SRA scheme?
PTC units are used to house slum residents who are temporarily displaced due to redevelopment or infrastructure projects. Under the SRA scheme, developers provide these units to the SRA to receive additional development rights.
What is the benefit for Lodha Developers in this deal?
By providing the PTC units, Lodha Developers will receive additional development rights in the form of additional floor space index (FSI), allowing them to build higher and supply more units in their projects.
What is the role of Arihant Construction Company in this deal?
Arihant Construction Company sold 945 units in their Mankhurd project to Lodha Developers, allowing them to liquidate a large part of their free sale inventory and bring in significant cash flows.
Related News Articles
India's Rise to Realty Prominence: A Billion-Dollar Boom
India is accelerating to become the real estate capital of Asia, with a total valuation of Rs 14.2 trillion among the top 100 realty companies.
Maharashtra Cabinet Renames Pune Airport After Sant Tukaram Maharaj
The Maharashtra Cabinet has approved a proposal to rename Pune airport after the 17th-century Warkari saint and poet, Sant Tukaram Maharaj.
The Downfall of Real Estate Moguls: Alexander Brothers Arrested in Miami
In a shocking turn of events, the renowned real estate moguls, the Alexander Brothers, were recently arrested in Miami. This news has sent ripples through the business community, leaving many to wonder what led to their downfall.
Luxury Homes, Toxic Air: The Urban Pollution Paradox in India
Nithin Kamath, a prominent real estate analyst, highlights the growing concern of urban pollution in major Indian cities like Delhi, Mumbai, and Bengaluru. Despite seeing a surge in luxury real estate, these cities struggle with alarming levels of air pol
Tragic Incident: Two Workers Killed, One Injured as Slab Collapses in Chikhla Mines
A devastating slab collapse in the Chikhla mines of Manganese Ore (India) has resulted in the death of two workers and left one injured. The incident has raised serious concerns about safety protocols in the mining industry.
Women Home Buyers Witness 14% Surge in 2024: Report
A recent report by Square Yards, titled 'Key Holders of Change - Women Driving Real Estate Growth and Transformation,' reveals a significant 14% increase in women homebuyers in 2024.