Birla Estates' Unnatam Properties Acquires ₹159 Crore FSI from Parinee Entities to Boost Khar West Redevelopment Capacity
Unnatam Properties Acquires Development Rights for Khar West Expansion
Birla Estates has acquired nearly 90,000 sq ft of FSI from Parinee Real Estate Builders and Parinee Contour Construction for more than ₹159 crore. The transaction, registered earlier this week, was recorded in registration documents accessed through CRE Matrix. The acquisition strengthens the development pipeline for the Khar project, which involves the redevelopment of Bharatiya Bhavan Cooperative Housing Society and Anmol Cooperative Housing Society.
How Transferable Development Rights Work in Mumbai
The FSI was generated through a Slum Rehabilitation Authority (SRA) scheme on land in Kandivali, Mumbai. Birla Estates will not use the acquired FSI in Kandivali. Instead, its wholly owned subsidiary, Unnatam Properties, plans to transfer the development rights to its redevelopment project in Khar (West). The ₹159 crore consideration translates to approximately ₹1.95 lakh per sq m of FSI acquired.
Since land availability remains limited across established Mumbai suburbs, developers increasingly rely on additional FSI and transferable development rights to improve the feasibility of redevelopment projects. Moreover, the ability to transfer eligible FSI from one location to another gives developers greater flexibility when planning projects in land-constrained markets.
The Khar West Redevelopment Project
The rights will be utilised for a 1.3-acre redevelopment project being undertaken through a joint venture. The project involves the redevelopment of Bharatiya Bhavan Cooperative Housing Society and Anmol Cooperative Housing Society. It is expected to offer a saleable area of approximately 2.9 lakh sq ft and has an estimated revenue potential of around Rs 1,700 crore.
Located in Khar West, the project offers connectivity to key infrastructure including the upcoming Khar Metro Station, Khar Railway Station and Mumbai International Airport, along with proximity to established social and lifestyle amenities. Situated north of Bandra and south of Santacruz, Khar is divided into Khar West (primarily residential and commercial) and Khar East (more mixed-use). The suburb is well-connected by the Khar Road railway station on the Mumbai Suburban Railway network; in 2025, the station was fully revamped under the Mumbai Urban Transport Project (MUTP-3A), featuring expanded platforms, escalators, lifts, and improved amenities.
Birla Estates' Mumbai Expansion
Birla Estates Private Limited is the real estate arm of the Aditya Birla group, established in 2016. It is a wholly owned subsidiary of Aditya Birla Real Estate Limited, which was formerly Century Textiles and Industries Limited. The company has a portfolio of 24 million sq. ft. of saleable area across ongoing and upcoming residential developments.
Birla Estates reportedly recorded sales bookings of approximately ₹8,087 crore in FY25, representing more than a doubling of the previous year's figures. The Khar West project marks a significant entry point for the developer into Mumbai's redevelopment segment, where Mumbai's constrained land availability and substantial inventory of ageing residential buildings have created a viable opportunity for redevelopment projects that can meet the growing demand for modern housing.
Growing Market for Development Rights
The transaction reflects the increasing importance of FSI and transferable development rights (TDR) in Mumbai, where limited availability of developable land has pushed developers to explore alternative ways of increasing construction potential. In established locations such as Khar, Bandra, Andheri and Juhu, redevelopment has emerged as a key avenue for new construction because assembling large contiguous land parcels remains challenging.