Transforming Chembur: Ramky's ₹550 Crore Opportunity

Hyderabad-based Ramky Estates & Farms has forayed into the Mumbai real estate market through a slum rehabilitation redevelopment project in the Chembur locality. Spanning 1.5 acres, the project offers a total development potential of 4.63 lakh sq. ft., with estimated revenues expected to exceed ₹550 crore.

Of the total built-up area, 2.37 lakh sq. ft. will be earmarked as free-sale area for Ramky Estates, while the remainder will be used to rehabilitate over 400 slum households. This marks the company's first project in the Mumbai Metropolitan Region (MMR) and is aligned with its strategy of pursuing "socially impactful, capital-efficient projects."

The total project cost is expected to exceed ₹300 crore, with a completion timeline of 3 to 3.5 years, including the rehabilitation phase.

M Nanda Kishore, Managing Director of Ramky Estates & Farms, noted that more strategic acquisitions and redevelopment initiatives are currently underway. The deal was facilitated by real estate consultancy Anex Advisory, which served as the transaction advisor.

Ramky plans to develop premium housing on the free-sale component. Though the initial Letter of Intent (LoI) was issued in 2004 and revised in 2011–12, the project rights are now being transferred to a dedicated special purpose vehicle (SPV). The formal LoI is expected within the next three months.

News by Rahul Yelligetti.