Lodha Developers has successfully acquired more than 945 apartments designated as permanent transit camp (PTC) units in the eastern suburb of Mankhurd, Mumbai, from another real estate developer in a deal valued at Rs 567 crore.
This acquisition marks the largest recorded asset transfer linked to the Slum Rehabilitation Authority (SRA) to date and underscores the increasing trend of offsite PTC fulfillment within Mumbai’s real estate sector. The transaction, which involves the bulk purchase of apartments, encompasses a total built-up area of 3.39 lakh square feet and is driven by compliance requirements.
The company has remitted a stamp duty of Rs 34.02 crore for the registration of this bulk transaction, which occurred on June 3, as indicated by documents obtained from the realty data analytics platform CRE Matrix. A Permanent Transit Camp refers to housing units that developers either construct or acquire to temporarily or permanently accommodate individuals affected by projects—typically slum dwellers or tenants—under SRA schemes or redevelopment initiatives.
One of the ongoing projects by the company related to slum rehabilitation in the Vikhroli suburb requires the developer to allocate over 50,000 square meters of constructed area to the Slum Rehabilitation Authority for PTC purposes. “This serves as a prime example of how larger developers are leveraging asset-backed planning to fulfill regulatory requirements while streamlining timelines. For the developer, this often represents both a strategic and tactical acquisition,” stated a senior real estate consultant.
Given the limited availability of land in Vikhroli and the extended timelines associated with in situ construction, Lodha is aiming to satisfy this obligation through an offsite transfer of built-up area. Once completed, these residential units will be transferred to the SRA, enabling Lodha to fulfill its rehabilitation commitments for the Vikhroli project. The seller is reported to possess over 83,000 square meters of free sale component in Mankhurd, rendering the location appropriate for such a transaction under SRA regulations.
