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Lodha Developers Acquires 945 Apartments in Mankhurd for ₹567 Crore

lodha buys apartments for redevelopment

In a landmark deal that reflects shifting dynamics in Mumbai’s redevelopment landscape, Lodha Developers has acquired over 945 apartments as Permanent Transit Camp (PTC) units in the eastern suburb of Mankhurd. The transaction, valued at ₹567 crore, marks one of the largest SRA-linked asset transfers in the city to date. According to documents accessed via real estate intelligence platform CRE Matrix, the registration took place on June 3, with Lodha paying a stamp duty of ₹34.02 crore.

A Permanent Transit Camp(PTC) refers to ready-built housing that temporarily or permanently houses project-affected persons, typically slum dwellers or tenants, under SRA (Slum Rehabilitation Authority) schemes. These units help developers fulfill their rehabilitation commitments for ongoing redevelopment projects.

Lodha’s bulk acquisition spans a built-up area of 3.39 lakh sq ft and is part of a compliance-driven strategy. One of its key redevelopment projects in the Vikhroli suburb requires the company to hand over more than 50,000 sq meters of constructed area to the SRA for PTC purposes.

However, with limited land availability in Vikhroli and the long timelines associated with in situ construction, Lodha has opted for off-site fulfilment through this strategic Mankhurd purchase. The seller, in turn, monetizes part of its free sale inventory, reportedly holding over 83,000 square meters of it in the locality. This makes the deal mutually beneficial.

This move highlights the increasing relevance of Mumbai’s eastern suburbs, like Mankhurd, in large-scale urban renewal projects. It also points to a growing trend among developers to explore off-site, asset-backed solutions to meet regulatory obligations swiftly, especially as redevelopment projects face tighter timelines and heightened compliance scrutiny.

As Mumbai’s real estate market continues to evolve, transactions like these are likely to become more common, reshaping how rehabilitation components are addressed in the city’s ever-expanding redevelopment story.

Recent Redevelopment Transactions in Mumbai

Mumbai’s redevelopment landscape is witnessing a surge in high-value transactions as developers race to meet growing housing demand. From bulk SRA unit acquisitions to large-scale society redevelopments, recent deals highlight the city’s shift toward faster, compliance-driven real estate strategies.

In a recent transaction, Kalpataru signed redevelopment contracts for two housing society projects in Chembur and Goregaon, Mumbai, spanning over 1.5 million sq ft with a potential revenue of ₹2,000 crore.

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Apple Leases Prime Retail Space in Mumbai’s Borivali for Second Store in City

Apple Leases Prime Space in Borivali Mumbai

Global tech giant Apple is expanding its retail footprint in India, securing 12,616 sq ft of premium retail space in Mumbai’s fast-growing suburb of Borivali. This marks Apple’s fourth store in the country, following locations in Mumbai, Delhi, and Bengaluru.

The new Apple store will be housed in a prominent mall situated just off the Western Express Highway, a key arterial road connecting Mumbai’s suburbs. The India arm of Apple has signed a long-term lease agreement spanning 10 years and 10 months, with monthly rent starting at Rs 17.35 lakh, which works out to approximately Rs 138 per sq ft.

According to documents accessed by CRE Matrix, the lease registration finalized on May 28 reveals that Apple negotiated a 10-month rent-free period. Rent payments will begin after this initial phase, with a lock-in period of the entire lease term for the licensor and 6 years and 6 months for Apple. The agreement also incorporates structured rent escalations of 15% every 36 months to keep pace with market trends.

Additionally, Apple has agreed to a revenue-sharing model with the mall owners. The lease includes a quarterly revenue share of 2% for the first 42 months, increasing to 2.5% thereafter. Common area maintenance (CAM) charges are fixed at Rs 75 per sq ft. Apple has paid a security deposit of Rs 1.04 crore as part of the agreement.

This move follows Apple’s recent leasing of an 8,000 sq ft retail space in Bengaluru to establish its third store in India, as well as an office lease of 6,526 sq ft in Mumbai’s Bandra-Kurla Complex (BKC), one of the city’s key commercial hubs. The BKC lease commanded a monthly rental of Rs 738 per sq ft. This indicates Apple’s strategic investment in prime real estate to support both retail and office operations.

With this new retail location in Borivali, Apple is tapping into Mumbai’s rapidly developing suburban markets, catering to the growing tech-savvy population outside the city’s traditional commercial zones. The Western Express Highway area offers excellent connectivity and footfall potential, making it an attractive choice for luxury and tech brands aiming to strengthen their presence in India’s largest metropolis.

As Apple continues to expand its physical store network in India, the company is set to bring its premium retail experience closer to more consumers, supporting the growing demand for Apple products in the country.

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Tesla Leases 24,000 Sq Ft in Kurla, Mumbai for New Service Centre

Tesla Leases Space in Kurla

Tesla’s entry into the Indian market continues to gain momentum with the electric vehicle (EV) giant leasing a new commercial space in Kurla West, central Mumbai. The newly acquired 24,500 sq. ft facility, located in Macrotech Developers’ Lodha Industrial and Logistics Park, will serve as a dedicated vehicle service center—Tesla’s first such facility in the country.

This marks Tesla’s fourth commercial footprint in India, following the establishment of its engineering hub in Pune, its registered office in Bengaluru, and a short-term office in Bandra Kurla Complex (BKC). Notably, this is the second deal concluded by Tesla within the last two months, highlighting the company’s growing focus on operational readiness in India.

According to documents accessed by CRE Matrix, the lease agreement, signed by Tesla India Motor & Energy, spans five years with a starting monthly rent of Rs 37.53 lakh. The total rental commitment over the lease term exceeds Rs 24 crore. The license period commenced on April 20, with a rent-free phase lasting one month and ten days. Rent payments began on June 1. The lease includes an annual 5% escalation in rent and Rs 10 per sq. ft Common Area Maintenance (CAM) charges, which will also escalate by 5% annually.

This strategic move comes soon after Tesla secured its first showroom space in India at BKC, setting a record for lease rentals at Rs 881 per sq. ft per month. With this new facility, Tesla is laying the groundwork for its long-term operations in the country.

Tesla’s recent activity suggests a renewed commitment to India, particularly in light of recent policy changes aimed at attracting global EV manufacturers. The developments follow CEO Elon Musk’s meeting with Prime Minister Narendra Modi during his US visit, a turning point in Tesla’s approach toward the Indian market.

As the government continues to ease import duties and encourage local production, Tesla’s growing footprint could signal the beginning of a robust EV ecosystem in India.

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