Two South Mumbai Societies Invite Tenders For Prime Tardeo Redevelopment With ₹2,000 Cr Net Worth Clause
· Free Press Journal
Mumbai: Two prominent property owners in South Mumbai — Talmakiwadi Cooperative Housing Society Ltd and Kanara Saraswat Association — have jointly invited sealed tenders from reputed developers for the redevelopment of their land parcels in Tardeo, signalling another significant redevelopment opportunity in the island city.
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DCPR provisions applicable
The proposed project, located on Javji Dadaji Marg in the Tardeo division, falls under multiple provisions of the Development Control and Promotion Regulations (DCPR) 2034, including Regulations 33(7), 33(9), 33(11) and 33(20)(B), allowing developers to optimise the permissible Floor Space Index (FSI).
The combined land parcel includes two ownership components. The Talmakiwadi CHSL plot measures over 7,100 sq m, while the Kanara Saraswat Association plot spans approximately 786 sq m. The site is located on a 27.45-metre-wide road and lies in proximity to Bhatia Hospital, making it a prime redevelopment project in a high-value real estate micro-market.
Existing built-up area
The existing built-up area comprises a substantial residential component, with Talmakiwadi housing over 93,000 sq ft of residential carpet area, along with commercial units and garages. The Kanara Saraswat Association property includes over 5,500 sq ft of residential tenements and nearly 5,000 sq ft of commercial space.
IndiGo Becomes First Airline To Receive 500 Airbus Deliveries, Eyes 900 More Aircraft In Next DecadeAccording to the tender document, only developers with a minimum net worth exceeding Rs 2,000 crore will be eligible to participate. Bidders are also required to commit to utilising the full FSI potential before issuing vacating notices to residents, a clause aimed at ensuring project viability and timely execution.
Financial disclosure requirement
Additionally, interested developers must disclose audited financial statements for the past three financial years, along with details of debt exposure and ongoing projects, indicating a stringent prequalification process.
The tender document will be available for collection till April 28, while submissions will be accepted until May 18, at the society’s office in Tardeo. The tender fee has been set at Rs 3 lakh plus GST and is non-refundable.
Project management consultancy for the redevelopment process is being handled by Palash PMC LLP.
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