Standard Industries Ltd has assigned development rights of a prime land parcel in Dadar West to Prabhadevi Developer for ₹169.51 crore, marking one of the significant redevelopment transactions in Mumbai's island city this year. According to property documents accessed by CRE Matrix, the transaction pertains to Plot No. 1214 of Town Planning Scheme (TPS) No. IV of Mahim, located on Kashinath Dhuru Marg, Dadar West. The deed was registered on May 22, 2026, with stamp duty of ₹9.05 crore paid on the transaction.
The redevelopment agreement covers a 1,937.30-square metre plot currently occupied by Stanrose Apartment. As reported by CRE Matrix, the landowner will receive ₹169.51 crore in monetary consideration along with 25,774.61 sq ft of residential RERA carpet area in the redeveloped project. Additionally, the owner will receive 16 car parking spaces, comprising eight surface parking slots and four parking stack systems that can accommodate eight cars. Specifically, the agreement details that the owner will receive monetary consideration of ₹169,51,41,225 and residential RERA carpet area of 25,774.61 sq ft.
Documents filed with the Maharashtra Stamp Authority indicate that the redevelopment proposal envisages a total permissible built-up area of 10,461.42 square metres under Development Control and Promotion Regulations (DCPR) 2034. According to the agreement, approximately 2,634.95 square metres will be allocated to the landowner, while the balance development potential will accrue to the developer. The transaction was executed through a Deed of Assignment of Development Rights, under which Standard Industries has transferred irrevocable development rights for the property to Prabhadevi Developer.
For stamp duty purposes, authorities assessed the owner's entitlement—including the cash consideration, apartments, parking and other development-related benefits—at around ₹181.02 crore, higher than the developer's share, resulting in stamp duty being levied on this valuation. As reported by CRE Matrix, the agreement comes amid a steady rise in redevelopment activity across Mumbai's older residential neighbourhoods, where land scarcity and favourable development regulations have encouraged developers to acquire ageing housing societies and standalone buildings through development rights agreements rather than outright land purchases.
