Lodha inks pact for 10.3-acre joint development in central Mumbai’s Parel-Sewri

MUMBAI: Realty developer Lodha Developers has entered into a joint development agreement with Sahana Properties & Resorts and Sahana Builders & Developers to develop land parcels spread over 10.26 acres in central Mumbai’s Parel-Sewri area.

The agreement, registered on February 11, carries a consideration value of Rs 364.80 crore, with stamp duty of Rs 37.20 crore paid on registration. The project has a completion timeline of five years.

Structured as a joint development, the arrangement enables the developer to undertake construction and sales while the landowners participate in the project’s topline instead of an outright land sale.


As per the agreement, the developer and the landowners will share revenue in a 63:37 ratio, showed the property registration documents accessed through CRE Matrix, realty data analytics platform.

Central Mumbai’s Parel-Sewree micro-market has steadily transformed from an industrial and mill district into a high-density residential and mixed-use corridor over the past decade, supported by proximity to Lower Parel and Worli business districts and improving connectivity across the island city.

Limited availability of large contiguous land parcels has pushed developers toward aggregation and partnership-led redevelopment models.

ET’s email query to Lodha and Sahana Group remained unanswered until the time of going to press.

Joint development agreements have increasingly become a preferred structure in Mumbai as they lower upfront land acquisition costs for developers while allowing landowners to benefit from future value appreciation. For developers, such arrangements help preserve balance sheets and improve project viability in high-cost urban markets.

The latest transaction adds to the listed company’s redevelopment pipeline in central Mumbai, where brownfield and land aggregation projects continue to form a significant share of upcoming housing supply amid sustained demand for projects located close to established employment hubs.