Ten X Realty South Registers ₹530 Crore JDA with Shanti Om Residency for 10.6-Acre Kalachowki SRA Redevelopment
Ten X Realty South Enters Kalachowki Redevelopment Partnership
The joint development agreement was registered on July 15, 2026, marking a significant expansion of Raymond Realty Ltd's subsidiary Ten X Realty South Limited, which was incorporated on May 15, 2026. Ten X Realty South Ltd has joined a major slum rehabilitation project in Mumbai's Parel-Kalachowki through a Rs 529.98-crore joint development agreement with Shanti Om Residency Pvt Ltd.
Project Scope and Land Details
The agreement covers multiple land parcels spread across 43,224.09 sq m (around 10.68 acres) on Parel Tank Road, Kalachowki, in Mumbai's Parel-Shivdi division. The agreement pertains to land with a permissible FSI of 177,193.35 sq m, comprising land owned by the Brihanmumbai Municipal Corporation (BMC), the Maharashtra Housing and Area Development Authority (MHADA), and parcels being acquired by the Slum Rehabilitation Authority (SRA).
Deal Structure and Financial Terms
The agreement carries a consideration value of Rs 529.98 crore, while the market value has been assessed at Rs 769.88 crore. A stamp duty of Rs 38.49 crore has been paid on the transaction.
The total consideration value comprises ₹359.08 crore towards the developer's share, ₹165 crore as reimbursement for rehabilitation-related expenses, and ₹36 crore as an interest-free refundable security deposit. The existing developer will retain a 45 per cent share, while the new joint developer will hold a 55 per cent share in the development rights. The free-sale portion of the project will be divided between both parties, with 55% allocated to the developer and 45% assigned to the joint developer.
Developer Roles and Execution
Under the agreement, Shanti Om Residency Private Limited will continue as the developer, while Ten X Realty South Limited has joined the project as the joint developer. In Phase 1, Shanti Om Residency Pvt Ltd, as the developer, will rehabilitate 1,665 of the total 2,790 eligible tenants.
Strategic Location and Market Context
The redevelopment site is located at Parel Tank Road, Kalachowki, an area witnessing large-scale redevelopment under the SRA owing to its strategic location and proximity to major commercial hubs and transport infrastructure. The Kalachowki-Parel micro-market has witnessed renewed redevelopment activity in recent years, driven by its proximity to the Lower Parel business district and ongoing infrastructure improvements in central Mumbai.
Ten X Realty South and Raymond Realty's Expansion Strategy
Ten X Realty South is tasked with spearheading Raymond Realty's expansion in real estate, particularly through the redevelopment model, designed to create a focused operational structure to strategically manage and mitigate risks associated with specific real estate development ventures. The agreement marks one of the larger SRA redevelopment transactions registered in Mumbai in 2026.
Large land parcels suitable for redevelopment have become increasingly scarce, making SRA-led projects one of the key avenues for developers to build premium residential inventory in the city.