Shah Rukh Khan’s sea-facing Mumbai apartment to go for redevelopment? Here’s what we know

Bollywood actor Shah Rukh Khan's sea-facing Mumbai apartment is making headlines after a new development emerged. According to market sources, the Mumbai apartment located on Carter Road in Shree Amirt CHS building might go in for redevelopment.

King Khan also owns a terrace flat in Shree Amrit CHSL building. Shah Rukh Khan bought this apartment after tying the knot with Gauri Khan. Neither the apartment has been put on rent nor the actor resides in it but it has reportedly been maintained well, a builder informed HT.

This particular apartment located on a plot size of over 4,000 sq meters has three wings occupying over 45,000 sq ft of MOFA (The Maharashtra Ownership Flats (Regulation of the Promotion, Construction, Sale, Management, and Transfer) Act, 1963) carpet area, HT reported citing a tender document published by the society in July 2024.

Pointing to the apartment's unique location, developer who participated in the bid said, “It’s one of the few buildings on Carter Road with a sea-facing view. Society residents hope to get double the area they currently occupy. There have been offers of even 110% to 120% extra area.”

Currently, the society members are approaching several real estate developers for redevelopment of their society, since the building was built in the 1980s on leasehold land of the collector. Notably, the per-square-foot cost of sea-facing apartments on Carter Road ranges anywhere between ₹1 lakh per sq ft. to ₹1.30 lakh per sq ft.

Carter Road redevelopment

These redevelopment plans come months after Mumbai-based listed real estate firm Oberoi Realty entered into an agreement to develop and redevelop land on Carter Road. In July 2024, Oberoi Realty announced that it is taking up a project measuring around 2576 sq mtrs located at Carter Road, Bandra (West) area of Mumbai.

Why is redevelopment of these societies taking place?

Several old structures, particularly two to seven storey buildings, are being redeveloped. This involves demolition of old structures and a replacement with modern and bigger buildings.

Through the redevelopment of housing projects residents of the old buildings get larger apartments in the newer building for free. This happens because the builder makes a profit by selling a certain number of apartments in the new building.

The redevelopment of housing projects involves demolishing and replacing old structures with modern, bigger buildings subject to various norms. Residents in old buildings get larger apartments in the newer building for free, as the builder sells a certain number of apartments in the new building for a profit. The government, too, earns revenue by selling the floor space index (FSI) to the builder.