Ramky Estates Ventures into Slum Redevelopment Project in Chembur

Ramky Estates & Farm, a Hyderabad-based realty developer, has officially entered the Mumbai property market with a significant slum rehabilitation redevelopment project in the Chembur suburb. Spanning 1.5 acres, the project holds a total development potential of approximately 463,000 sq ft, including 237,000 sq ft of free-sale area, which is expected to yield a revenue potential of over 550 crore.

The project involves the rehabilitation of over 400 slum dwellings, with an overall estimated cost exceeding 300 crore. It is anticipated to be completed in 3 to 3.5 years, including the rehabilitation work, marking Ramky's first venture into the Mumbai Metropolitan Region (MMR).

This project signifies Ramky Estates' commitment to participating in socially impactful and capital-efficient ventures. The developer plans to offer premium housing in the free-sale component of the redevelopment, further contributing to the city's housing needs. The Letter of Intent (LOI) for the project was initially issued in 2004 and later revised in 2011-12, with the LOI transfer to a special purpose vehicle (SPV) expected in the coming months.

Ramky Estates is also working on other strategic acquisitions and redevelopment projects as part of its expansion strategy in Mumbai. The company's entry into the region reflects the growing demand for redevelopment projects in Mumbai, driven by the limited availability of vacant land.