Bengaluru: Real estate firm Lodha Developers Ltd has entered into a joint development agreement with Sahana Properties and Resorts Pvt Ltd and Sahana Builders and Developers Pvt Ltd, to develop around 10.26 acres of land in Mumbai’s Parel-Sewree area.
The agreement, registered on 11 February, was signed for a consideration of ₹365 crore, as per documents accessed by real estate data analytics platform CRE Matrix.
Lodha and Sahana will construct rehabilitation buildings for the existing dwellers, and then build towers for sale on the land.
The total area comprises two main plots with multiple housing societies and is a proposed slum redevelopment project under the Slum Rehabilitation Authority (SRA), as per the documents. On Plot A, for instance, there are 1216 slum dwellers grouped into 11 societies.
Mumbai, where land is scarce, has been witnessing a redevelopment frenzy, with top developers signing projects to redevelop old housing societies and slum pockets.
“This joint development agreement in the Sewree–Parel belt, with a consideration value of ₹365 crore and ₹37 crore stamp duty, reflects sustained institutional interest in Mumbai’s eastern corridor,” said Abhishek Kiran Gupta, chief executive officer, CRE Matrix. “Data from CRE Matrix indicates steady land value resilience in infrastructure-led micro-markets despite elevated acquisition costs, signalling continued long-term confidence in Mumbai’s redevelopment-driven housing demand.”
A Lodha spokesperson confirmed the deal with Sahana.
The developer will build a premium residential project with three-and-four bedroom apartments on the land, said a person familiar with the development, asking not to be named.
Sahana Group could not be immediately reached.
The Sahana Group, led by Sudhakar Shetty, is known for taking up slum redevelopment projects in Mumbai, and has partnered with various developers in the past, including Oberoi Realty.
Lodha Developers, as part of its strategy, acquires land through outright purchases and joint development agreements with land partners.
For instance, it has a project with Valor Estate Ltd in suburban Mumbai’s Malad (west), under a revenue and area share arrangement.
Lodha Developers added five new projects during the December-ended quarter with a gross development value (GDV) of ₹33,800 crore across the Mumbai Metropolitan Region (MMR), National Capital Region (NCR) and Bengaluru.
The company reported a 14.4% year-on-year rise in revenue from operations to ₹4,672.5 crore and a 1.36% increase in net profit to ₹957.7 crore in the December quarter.
It recorded its best-ever quarterly pre-sales or sales bookings of ₹5,620 crore in the third quarter of 2025-26, up 25% from a year ago. In the first nine months of FY26, its pre-sales stand at ₹14,640 crore.
The developer has a significant launch pipeline planned for the ongoing January-March quarter, which is expected to support the achievement of its full-year pre-sales guidance of ₹21,000 crore.
While the overall real estate market is showing some signs of plateauing, the country’s top four bestselling developers continue to sell well. India’s top four developers—DLF Ltd, Godrej Properties Ltd, Lodha Developers, and Prestige Estates Projects Ltd—are collectively aiming to cross ₹1 trillion in residential sales in 2025-26, marking the strongest year yet for branded players.
