Standard Mills owner Standard Industries Ltd has sold development rights for a prime land parcel in Mumbai’s Dadar West to Prabhadevi Developer Pvt. Ltd in a transaction valued at over ₹169.51 crore, according to property registration documents reviewed by CRE Matrix.
According to the property registration documents, the plot measures approximately 1,937.30 square metres and the landowner will also get a portion of constructed area in the new building constructed by the developer named Prabhadevi Developer Pvt. Ltd.
The transaction, registered on May 22, 2026, was in the form of a Deed of Assignment of Development Rights, for which a stamp duty of over ₹9 crore was paid.
As part of the transaction, Prabhadevi Developer Pvt. Ltd will pay a monetary consideration of ₹169.51 crore to Standard Industries Ltd for acquiring irrevocable development rights over the property. Standard Industries will also receive a share in the upcoming development. In lieu of assigning the development rights, the company has been allocated 25,774.61 sq ft of residential RERA carpet area in the proposed project, along with 16 car parking spaces, the documents show.
The documents show that the developer will hand over possession of the Owner’s Area in a ‘bare shell’ form along with the car parking spaces, in a ‘bare shell’ form, with an Occupation Certificate (OC), within 48 months from the start of excavation work, subject to a further 12-month grace period.
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“If the Developer fails or neglects to give possession of the Owner’s Area to the owner on account of reasons beyond its control and of its agents within 60 months (including grace period) from the date of commencement of the construction of the project, then the Developer shall be liable to make payment of Rs. 60 lakh monetary compensation to the owner, starting from the end of the period of 60 months (including grace period) from the date of commencement of the construction of the project,” the document shows.
An email query sent to Standard Industries Ltd and Prabhadevi Developer Pvt. Ltd. The story will be updated if a response is received.
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Mill land and real estate
According to local brokers, the. Much like erstwhile textile mill properties such as Kamala Mills, Phoenix Mills and Empire Mills, land parcels owned by old textile companies are increasingly being monetised through redevelopment and development-right agreements.
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Dadar west
Dadar West continues to remain one of owing to its central location, established social infrastructure and excellent connectivity to key business districts such as Lower Parel, BKC and Nariman Point. The locality has also emerged as an active redevelopment market, with several ageing buildings and industrial land parcels being redeveloped into premium residential projects.