Standard Industries Ltd has handed over the development rights of a prime land parcel in Dadar West to Prabhadevi Developer for ₹169.51 crore, one of the significant redevelopment transactions in the island city of Mumbai this year, according to property documents accessed by CRE Matrix.
Property registration documents show that the transaction pertains to plot number 1214 of Town Planning Scheme (TPS) No. IV of Mahim, located on Kashinath Dhuru Road, Dadar West. The deed was registered on May 22, 2026, with stamp duty of Rs 9.05 crore paid on the transaction.
The redevelopment agreement covers a 1,937.30 square meter plot which is currently occupied by Stanrose Apartments. Apart from the cash consideration, the land owner will receive 25,774.61 sq ft of residential RERA carpet area in the redeveloped project as well as 16 car parking spaces, consisting of eight surface parking slots and four parking stack systems accommodating eight cars.
The transaction was executed through an assignment deed of development rights, under which Standard Industries has transferred irrevocable development rights for the property to Prabhadevi Developer.
Documents filed with the Maharashtra Stamp Authority indicate that the redevelopment proposal envisages a total permissible built-up area of 10,461.42 square meters under the Development Control and Promotion Regulations (DCPR) 2034. Of this, about 2,634.95 square meters will be allotted to the land owner, while the remaining development capacity will go to the developer.
For stamp duty purposes, the authorities assessed the owner’s entitlement – which includes cash consideration, apartments, parking and other development-related benefits – at approximately ₹181.02 crore, which is higher than the developer’s share, resulting in stamp duty being levied on this valuation.
The deal comes amid a steady increase in redevelopment activity in Mumbai’s older residential areas, where land scarcity and favorable development norms have encouraged developers to acquire older housing societies and standalone buildings through development rights agreements rather than outright land purchases.
Things to note:
Specifically, the contract states that the owner will receive:
- Monetary consideration: ₹169,51,41,225
- The redeveloped project has 25,774.61 square feet of residential RERA area.
- 16 car parking spaces