Birla Estates Subsidiary Enters ₹159-Crore Deal For Mumbai Development Rights In Bandra, Kandivali
· Free Press Journal
Mumbai: Unnatam Properties Private Limited, a wholly owned subsidiary of Birla Estates has entered into an agreement with two Parinee group entities for development rights involving properties in Bandra and Kandivali, with the transaction carrying a consideration of Rs 159 crore, according to documents registered with the Maharashtra Department of Registration and Stamps accessed through Cre Matrix, a real estate data analytics company.
Transaction Covers Bandra East And Kandivali Properties
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The agreement, executed on August 6, 2026, is between Parinee Real Estate Builders Private Limited (PREBPL) and Parinee Contour Construction Private Limited (PCCPL), collectively referred to as Parinee, and Unnatam Properties Private Limited as the developer.
The registered documents show that the transaction covers land parcels in Bandra East and Kandivali.
Unnatam Properties paid Rs 47.7 crore as stamp duty on the instrument under the conveyance provisions of the Maharashtra Stamp Act. The documents indicate that the Bandra properties form part of development arrangements involving housing societies. One of the properties is identified at 17th Road, Khar (West). The agreement refers to an earlier development agreement executed in March 2023 between Bhartiya Bhavan Cooperative Housing Society Limited and Parinee Real Estate Builders.
8,153.40 Sq M FSI Transferred From Kandivali SRA Project
The registered agreement states that Parinee has agreed to assign or transfer relevant development rights and interests to Unnatam Properties in accordance with the terms of the new arrangement. Meaning Parinee Group has transferred 8,153.40 sq. m. of PTC Sale FSI to Unnatam Properties for Rs 159 crore, generated from tje Slum Rehabilitation Authority (SRA) project in Kandivali (West), the development rights will be loaded onto Unnatam’s composite society redevelopment project in Khar (West)
The documents also refer to development permissions and slum-related Letter of Intent (LOI) records associated with the properties. The stamp-duty records cite development-planning references for Bandra and Kandivali, including an LOI dated May 15, 2026.
The transaction comes amid continued consolidation of development rights in Mumbai's established western suburbs, where redevelopment opportunities are increasingly being structured through agreements between landowners, existing developers and new development entities.
Mumbai Nurse Alleges Stalking, Harassment By Acquaintance; Police Arrest ManIn March 2026, Birla Estates Private Limited, had announced its first redevelopment project. The project involves the redevelopment of Anmol Co-operative Housing Society and Bhartiya Bhavan Co-operative Housing Society in Khar West, in partnership with Parinee Real Estate Builders.
The Khar West project spans around 1.3 acres and has a proposed saleable area of around 2.9 lakh sq ft. Birla Estates had estimated the project's revenue potential at Rs 1,700 crore.
The development is planned as a luxury residential project, with Birla Estates positioning it as part of its expansion into Mumbai's redevelopment segment. The company had said the project would transform existing residential communities in an established western suburb into a modern residential development, reportedly.
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