Mumbai Real Estate: Marine Lines ZaobaWadi Redevelopment To Give 627 Tenants 550-Sq-Ft Homes; Saleable Towers To Rise 300 Metres

Mumbai's historic ZaobaWadi, a nearly 250-year-old property in Marine Lines, is undergoing a major redevelopment. The project will benefit 627 long-term residents, who will move into newly constructed homes measuring 550 square feet, significantly larger than their current units averaging around 150 square feet. Construction of the rehabilitated building tower has reached plinth level, and tenants are expected to receive their new homes within two and a half years.

The saleable towers, designed to rise up to 300 meters, will be completed soon, according to Rajendra Chaturvedi, Chairman of Shreepati Group, the leading developer of the project. The redevelopment will be carried out by a consortium of Shreepati Developers, MICL, and Godrej Properties, each with distinct roles. Godrej Properties will be responsible for branding and selling the saleable component, MICL will handle the construction of the residential towers, while Shreepati Developers will manage the rehabilitation of existing tenants.

The redevelopment is projected to generate around Rs 6,000 crore in revenue, potentially higher due to market conditions and Godrej Properties' market presence. ZaobaWadi, located near the Ram Temple, has been home to the Pathare Prabhu community for centuries and encompasses ageing structures where families have lived for generations.

The redevelopment aims to replace these aging buildings with modern residential structures while providing substantially larger homes to the existing occupants. The project spans approximately 2.5 acres in South Mumbai, with development rights previously jointly held by MICL and the Shreepati Group, now transferred to Godrej Properties as part of the agreement.