Ten X Realty Signs Rs 529.98 Crore Deal For Parel Kalachowki Redevelopment
In July 2026, Ten X Realty South Limited entered into a joint development agreement with Shanti Om Residency Private Limited for a major slum rehabilitation redevelopment project in the Parel-Kalachowki locality of Mumbai. The transaction, valued at a consideration of Rs 529.98 crore, covers land parcels spread across 43,224.09 square meters in the Parel-Shivdi Division.
The registered agreement carries an assessed market value of Rs 769.88 crore, with a paid stamp duty of Rs 38.49 crore. Under the terms of the partnership, Shanti Om Residency Private Limited will retain a 45 per cent share in the development rights, while Ten X Realty South Limited will hold the remaining 55 per cent share as the joint developer.
The redevelopment site is located at Parel Tank Road, Kalachowki. The project encompasses multiple cadastral survey numbers, including land owned by the Brihanmumbai Municipal Corporation (BMC), the Maharashtra Housing and Area Development Authority (MHADA), Tata Power Company Ltd., and the Wadia family. Additional parcels are being acquired by the Slum Rehabilitation Authority (SRA) under the Maharashtra Slum Areas Act.
The development features a permissible Floor Space Index (FSI) of 177,193.35 square meters. The joint partners have planned a phased execution to rehabilitate a total of 2,790 eligible tenants.
In the first phase, Shanti Om Residency will rehabilitate 1,665 tenants by securing vacant possession of approximately 7,772 square meters of land to construct two rehabilitation buildings. Concurrently, about 11,837 square meters of free-sale land will be handed over to Ten X Realty for the construction of the first phase of free-sale buildings.
The second phase will see the rehabilitation of the remaining 604 tenants. Shanti Om Residency will construct two additional rehabilitation buildings on roughly 2,618 square meters of land, while approximately 11,292 square meters of free-sale land, including the road setback area, will be allocated for the second phase of free-sale development.
Under the agreement, Shanti Om Residency is responsible for constructing the rehabilitation buildings and obtaining their occupation certificates. Ten X Realty will develop and fund the free-sale buildings at its own cost. If cash flows from the sale component fall short of funding the rehabilitation obligations, Ten X Realty is required to facilitate funding through banks, financial institutions, or third parties.
