Mumbai: As ageing buildings across the city undergo redevelopment, the area around the heritage Banganga Tank precinct in Walkeshwar is set to follow suit. Nearly two dozen residential buildings in this prime South Mumbai neighbourhood are likely to be redeveloped soon.
Walkeshwar is both a high-profile and sensitive area, with Raj Bhavan at one end, Banganga Tank close by, and the Arabian Sea flanking it on two sides. Redeveloping such a locality is not straightforward, with several stakeholders cautious about what the redevelopment may do to the neighbourhood.
To assuage the concerns of those worried that the redevelopment may impact the heritage tank, Karan Shah, partner at Palash PMC, the consultants appointed to plan the revamp of the upscale locality, said, “Nowhere is Banganga Tank or its precinct getting affected.”
Residents of Banganga Cross Lane want to upgrade their homes into modern apartments. One resident, requesting anonymity, supported the redevelopment proposal but said they prefer a cautious approach.
While there are no commercial occupants in the area, more than 300 families live across 23 plots along the ridge and would be part of the redevelopment. “There is a mix of buildings and structures. Most of the buildings are landlord (cessed) properties involving MHADA (Maharashtra Housing and Area Development Authority),” Ronal Mehta, another partner of Palash PMC, told HT.
The total land area of the 23 plots is slightly over 8,000 sq.m, prompting planners to opt for a cluster redevelopment scheme. Addressing concerns about Coastal Regulation Zone (CRZ) norms since the area is close to the Arabian Sea, Mehta said the combined plots fall under CRZ Category II, which would not pose major hurdles for redevelopment.
Once completed, the proposed high-rise buildings are expected to offer views of the Arabian Sea to the west, Queen’s Necklace along the eastern shore, Walkeshwar Road and a derasar to the north, and Raj Bhavan to the south.
Residents have set strict eligibility criteria for developers who they will accept for the project. They will only consider listed developers with a net worth of at least ₹1,000 crore or those who have completed projects spanning a minimum of 4,000 sq.m with a gross sales value of ₹500 crore. As a result, several well-known real estate players may not meet the eligibility norms.
Meanwhile, the Brihanmumbai Electric Supply and Transport (BEST) has initiated steps to monetise its 2,475.07 sq.m plot on Walkeshwar Road. The site currently houses an electricity transmission and distribution substation, a BEST bus depot and multi-storeyed staff quarters.
According to a report by real estate research and rating company Liases Foras, the Walkeshwar–Malabar Hill belt has nearly a dozen ongoing projects scheduled for completion by the end of 2025, and all of them involve ultra luxury apartments. Prices in the area range from ₹85,000 to ₹1.8 lakh per sq ft.