In a landmark move reshaping Mumbai’s real estate and rehabilitation landscape, Lodha Developers has executed the city’s largest Slum Rehabilitation Authority (SRA)-linked asset transfer. The developer acquired 945 Permanent Transit Camp (PTC) apartments in Mankhurd for a staggering ₹567 crore. This strategic acquisition not only fulfills compliance obligations for another SRA project in Vikhroli but also underscores a growing trend of offsite transit housing solutions in land-constrained urban centers like Mumbai.
🧱 Inside the Deal: Mumbai’s Biggest SRA-Linked Transfer
📌 Transaction Overview
- Buyer: Lodha Developers
- Seller: Unnamed real estate developer
- Units Acquired: 945 PTC apartments
- Location: Mankhurd, Eastern Suburb, Mumbai
- Transaction Value: ₹567 crore
- Built-up Area: 3.39 lakh sq. ft.
- Stamp Duty Paid: ₹34.02 crore
- Date of Registration: June 3
🏗️ What Are Permanent Transit Camp (PTC) Units?
PTC units are housing structures built or acquired by developers under SRA guidelines to temporarily or permanently house residents displaced by slum redevelopment projects. These are essential to obtain approvals and maintain compliance with the SRA’s rehabilitation conditions.
🏗️ Strategic Context: The Vikhroli SRA Project
Lodha’s acquisition is tied to its ongoing slum rehabilitation initiative in Vikhroli, where the company is mandated to deliver over 50,000 sq. meters of built-up space to the SRA. Instead of navigating logistical and time constraints of in situ development, the developer opted for an offsite fulfillment strategy.
“This serves as a prime example of how larger developers are leveraging asset-backed planning to fulfill regulatory requirements while streamlining timelines,” a senior real estate consultant noted.
🌇 Why Mankhurd?
The seller reportedly controls 83,000 sq. meters of free-sale component in Mankhurd, making it ideal for such a bulk transaction under current SRA frameworks. The pre-constructed units accelerate Lodha’s compliance process while unlocking value in otherwise land-starved areas of Mumbai.
📊 Summary Table: Quick Facts
| Feature | Details |
|---|---|
| Units Acquired | 945 |
| Location | Mankhurd, Mumbai |
| Transaction Value | ₹567 crore |
| Stamp Duty | ₹34.02 crore |
| Built-up Area | 3.39 lakh sq. ft. |
| Buyer | Lodha Developers |
| Purpose | SRA compliance for Vikhroli Project |
| SRA Compliance Area Required | 50,000 sq. meters (Vikhroli) |
🗣️ Notable Quote
“For the developer, this often represents both a strategic and tactical acquisition.”
— Senior Real Estate Consultant
❓ FAQ Section
1. What is a Permanent Transit Camp (PTC) unit?
A PTC unit is a residential space constructed or acquired to temporarily or permanently house displaced slum dwellers under SRA or redevelopment projects.
2. Why did Lodha buy these apartments in Mankhurd?
To fulfill its SRA compliance obligations for a project in Vikhroli, where constructing in situ was constrained by limited land and longer timelines.
3. Is this the largest SRA-linked asset transfer in Mumbai?
Yes, this ₹567 crore deal marks the largest recorded asset transfer involving PTC units under the SRA scheme.
4. What is the benefit of offsite fulfillment in SRA projects?
Offsite fulfillment offers faster delivery, strategic cost benefits, and bypasses land scarcity issues in core development zones.
5. How much area does Lodha need to surrender to the SRA?
Over 50,000 square meters of built-up area needs to be allocated for SRA obligations related to its Vikhroli project.