Birla Estates has acquired nearly 90,000 sq ft of Floor Space Index (FSI) from Parinee Real Estate Builders and Parinee Contour Construction for more than ₹159 crore, strengthening the development potential of its redevelopment project in Khar West, Mumbai. The transaction was registered earlier this week and attracted around ₹4.77 crore in stamp duty.
The FSI was generated through a Slum Rehabilitation Authority (SRA) scheme on land in Kandivali. However, Birla Estates will not use the development rights at the Kandivali location. Its wholly owned subsidiary, Unnatam Properties, plans to transfer the eligible development rights to its Khar redevelopment project, subject to applicable regulations and approvals.
The Khar project involves the redevelopment of Bharatiya Bhavan Cooperative Housing Society and Anmol Cooperative Housing Society. Spread across approximately 1.3 acres, the project has an estimated saleable area of 2.9 lakh sq ft and a potential revenue of around ₹1,700 crore.
The deal highlights the growing importance of FSI and transferable development rights in Mumbai, where limited land availability makes large-scale redevelopment challenging. Developers can use eligible development rights to increase construction potential without acquiring additional land.
Birla Estates’ move also underlines the increasing role of redevelopment in established Mumbai suburbs such as Khar, Bandra and Andheri, where land scarcity continues to shape real estate strategies.
