Standard Industries, owner of the historic Standard Mills property, has assigned the development rights for a prime land parcel in Mumbai’s Dadar West to Prabhadevi Developer in a deal valued at over Rs 169.51 crore. The transaction marks another significant redevelopment initiative in one of the city’s most sought-after real estate locations.
Registered on 22 May 2026 through a Deed of Assignment of Development Rights, the agreement covers a 1,937.30-sq. mtrs. land parcel. Under the arrangement, Prabhadevi Developer has secured irrevocable development rights to construct a new residential project, while Standard Industries will receive Rs 169.51 crore and a share in the completed development.
As part of the consideration, Standard Industries has been allotted 25,774.61 sq. ft. of residential RERA carpet area along with 16 dedicated car parking spaces. The residential units will be delivered in bare-shell condition together with the Occupation Certificate within 48 months from the commencement of excavation work. The agreement also provides for an additional grace period of up to 12 months, if required.
The transaction highlights the sustained momentum in Mumbai’s redevelopment market, where premium land parcels continue to attract strong developer interest, driven by limited land availability and rising demand for high-quality residential projects in established urban locations.
