Runwal Enterprises Secures Rs 5,000 Cr Redevelopment Deals

Runwal Enterprises is set to undertake extensive redevelopment projects in prime Mumbai locations, Marine Lines and Bandra. These initiatives, spanning four acres, are valued at over Rs 5,000 crore gross development value. Both projects will be executed under the state government-promoted cluster redevelopment framework, facilitating large-scale urban renewal and infrastructure enhancement.

The company plans to invest over Rs 2,500 crore, managing over 600 existing society members. The Marine Lines project, a sea-view property near Saifee Hospital, covers 1.5 acres and is expected to yield Rs 3,000 crore from its 3 lakh sq ft free-sale component. The Bandra West project, on 2.5 acres near Bandra Talao, anticipates Rs 2,000 crore revenue from its 3 lakh sq ft free-sale area. Both are slated to commence in the first quarter of the upcoming financial year.

This move revitalizes long-stalled projects, addressing issues like fragmented ownership and funding constraints. The cluster redevelopment policy enables developers to aggregate plots for higher FSI and better planning, unlocking urban land parcels and introducing fresh housing supply in densely populated neighborhoods. Residents will benefit from upgraded homes and improved civic amenities.