Runwal Enterprises Secures Rs 5,000 Cr Cluster Redevelopment Projects in Marine Lines and Bandra

Realty developer Runwal Enterprises has secured the rights to redevelop two key land parcels in south Mumbai’s Marine Lines and western suburb Bandra, with a cumulative gross development value of over Rs 5,000 crore. Both projects will be taken up under the cluster redevelopment framework under Regulation 33(9) of the Development Control and Promotion Regulations (DCPR), which the state government has been actively promoting to accelerate large-scale urban renewal and infrastructure development.

These concluded agreements are for the redevelopment of two private housing societies on these prime land parcels, including the acquisition of rights for the Marine Lines project, which had been stalled for over 10 years and is now set for a revival, said Subodh Runwal, director of Runwal Enterprises, in an interview with ET.

The developer is planning to invest over Rs 2,500 crore to undertake these projects involving over 600 existing society members and is currently in the process of seeking government approvals. The company is planning to finance these projects with a total of 1 million sq ft development, including free-sale and rehabilitation components, through internal accruals.

Out of these two, the sea-view project near Saifee Hospital in Marine Lines is spread over 1.5 acres with a total estimated development potential of 5 lakh sq ft, including 2 lakh sq ft of the rehabilitation component. The project’s free-sale component of 3 lakh sq ft is expected to yield revenue of around Rs 3,000 crore.

The plot in Bandra West, spread over 2.5 acres, holds a similar development potential under free-sale and rehabilitation components totaling five lakh sq ft. The free-sale area of 3 lakh sq ft in this project near Bandra Talao is expected to generate revenue worth Rs 2,000 crore. Both projects are likely to be started in the first quarter of the next financial year.

Several cluster redevelopment projects, especially in the island city, had remained stalled in the last few years due to issues such as fragmented ownership, funding constraints, and prolonged litigation. Improving market conditions, policy incentives, and clearer regulatory frameworks have prompted established developers to step in, acquire redevelopment rights, and revive long-pending projects.

According to industry experts, such interventions are helping unlock large urban land parcels, resolve legacy bottlenecks, and bring fresh housing supply to some of Mumbai’s most densely built neighborhoods, while also offering residents upgraded homes and better civic amenities. The cluster redevelopment policy allows developers to aggregate multiple adjoining plots or housing societies into a single redevelopment scheme, enabling higher floor space index (FSI), better planning, and improved infrastructure provisioning, particularly in land-scarce urban pockets of Mumbai.