Mumbai-based listed real estate developer Kalpataru Limited has signed a cluster redevelopment project comprising five adjacent housing societies in the Ashok Nagar area of Kandivali East, Mumbai. The company expects a total revenue of ₹1,250 crore from the project.
In a regulatory filing, the company said it had signed a large-scale redevelopment project comprising five adjoining housing societies in Ashok Nagar, Kandivali East, Mumbai, collectively known as the Ashokgram Cluster. The redevelopment spans more than 2.8 acres and offers a free-sale potential of 0.37 million sq ft of carpet area.
“At Kalpataru, we view redevelopment as a transformative journey that breathes new life into existing communities. Our latest venture in Kandivali East is envisioned as a future-ready neighbourhood that seamlessly blends its local heritage with world-class planning, expansive green spaces, and modern amenities,” said Parag Munot, Managing Director of Kalpataru Ltd.
“This , envisaged as a residential development with high street retail, is strategically positioned within a thriving micro-market, offering residents excellent connectivity to major road networks and metro lines. The project’s appeal is further bolstered by its proximity to a robust social infrastructure, including premier educational institutions, leading healthcare centres, and vibrant retail and business hubs,” Munot said.
According to the company, it has delivered six projects in the Kandivali East area, including Kalpataru Jharokha, Kalpataru Vatika, Kalpataru Gardens, Kalpataru Tower, Kalpataru Avenue and Kalpataru Vienta.
“This project further reinforces its leadership and presence in the locality. With a legacy spanning more than five decades, Kalpataru Ltd. stands as a pioneer in Mumbai’s redevelopment landscape. Following the announcement of a significant ₹1,400 crore redevelopment project in Andheri East earlier this March, the company continues to expand its portfolio and strengthen its presence within Mumbai’s key micro-markets,” according to the company statement.
Also Read:
What is cluster redevelopment?
in which multiple adjoining buildings or plots are combined into a single large project. It allows better planning, improved infrastructure, wider roads, open spaces, and amenities, while enabling the rehabilitation of existing residents and the more efficient use of land in crowded cities.
Examples of cluster redevelopment in the Mumbai real estate market include MHADA layouts such as Motilal Nagar (Goregaon), Abhyudaya Nagar (Parel), Adarsh Nagar (Worli), Bandra Reclamation, and GTB Nagar (Sion), as well as Kamathipura. Several private housing societies also undergo cluster redevelopment.
Also Read:
Mumbai redevelopment status
Mumbai’s real estate redevelopment market grew 16% in 2025 compared to the previous year, driven by a rise in redevelopment deals across the city. A total of 229 development agreements (DAs) for the redevelopment of old buildings were signed in 2025, up from 196 in 2024, according to data from Knight Frank India.
Also Read:
The momentum continued into 2026, with nearly 30% or 70 of the total redevelopment agreements for 2025 signed within the first 74 days of the year, up to March 15, the data showed.
According to Knight Frank India data, a total of 1,094 DAs have been signed in the last six years from January 2020 to March 15, 2026. A total of 432 acres of land has been unlocked for redevelopment through the signing of these 1,094 redevelopment deals.
Of the total 1,094 DAs signed, Borivali in Mumbai’s western suburbs had the highest number with 217, unlocking 90.4 acres of land, followed by Andheri with 115, unlocking 74.8 acres of land. The third highest number of 74 DAs were signed in Bandra, unlocking 24.4 acres of land, followed by Malad, where 67 DAs were signed, opening up 26.6 acres of land, and Ghatkopar, where the fifth highest number of 59 DAs were signed, opening up 14.1 acres of land for redevelopment.