Feasibility study · September 2026
Assisi Nagar redevelopment — a member-first study at FSI 3.5 and FSI 4.0
CTS No. 4-A/14, Village Borla, P L Lokhande Marg, Chembur — M Ward, residential zone. Nine buildings of flats, shops and tenements built before 1980, on land the Property Card fixes at 15,163.78 sq.m. This study is indicative, for member discussion, pending joint survey and third-party validation.
01
The land basis
Three land positions, carried through every figure in this study. The Property Card area is the floor; the 710 sq.m deduction is an optional feasibility case pending the Joint Mojini boundary outcome.
| Basis | Area (sq.m) | Area (sq.ft) | Standing |
|---|---|---|---|
| Property Card | 15,163.78 | 1,63,221 | Area as per Property Card, CTS No. 4-A/14, Village Borla. The floor: area cannot be less than this. |
| Card − 710 sq.moptional | 14,453.78 | 1,55,579 | Optional feasibility case: a possible 710 sq.m deduction from the original parcel (boundary settlement). |
| Approved sub-division | 20,474.32 | 2,20,384 | Balance area 14,624.76 sq.m plus 40% road-setback addition 5,849.56 sq.m, per approved proforma “A”. |
02
Buildable potential
Total FSI-chargeable area for each case — before the road set-back TDR is counted.
| FSI | Property Card | Card − 710 sq.m | Approved sub-division |
|---|---|---|---|
| 3.5 | 5,71,275 sq.ft | 5,44,527 sq.ft | 7,71,342 sq.ft |
| 4.0 | 6,52,886 sq.ft | 6,22,316 sq.ft | 8,81,534 sq.ft |
Plus — the road set-back dividend
The 90 ft D.P. road set-back of ≈ 5,800 sq.m generates TDR at 2.5× ≈ 1,56,077 sq.ft, valued at 60% of the Ready Reckoner rate. The 0.5 FSI benefit is applied toward member compensation. Any additional TDR remains the society's property.
03
Residential : commercial
Drag to rebalance the sale component — commercial is capped at 50%. Current view: FSI 3.5 on the Property Card basis.
Residential sale area
1,82,984 sq.ft
Commercial sale area
78,422 sq.ft
04
The entitlement ladder
On a working base of 82,000 sq.ft of existing RERA carpet across ≈168 membersto verify — 6.1 schedule. Which tier clears on which basis:
| Entitlement | New carpet, total | FSI 3.5 | FSI 4.0 |
|---|---|---|---|
| Existing + 100% | 1,64,000 sq.ft | Clears all bases | Clears all bases |
| Existing + 110% | 1,72,200 sq.ft | Clears all bases | Clears all bases |
| Existing + 115% | 1,76,300 sq.ft | Clears all bases | Clears all bases |
| Existing + 120% | 1,80,400 sq.ft | Clears all bases | Clears all bases |
| Existing + 122%headline | 1,82,040 sq.ft | Clears all bases | Clears all bases |
05
Where the area goes
The area-based breakup the society asked for — every square foot of the current view accounted for, ready for third-party validation.
- Member rehab (+122%)1,82,040
- Common areas & services1,02,829
- Club & amenities25,000
- Sale — residential1,82,984
- Sale — commercial78,422
Sale component = buildable − member rehab − common areas (18%) − club (25,000 sq.ft). The residual covers construction, cost of money and partner margin.
06
The revenue and cost envelope
Indicative, at named assumption rates — replaceable line by line in the annexure.
Indicative sale revenue
₹865 Cr
All-in project cost
₹761 Cr
Project surplus
₹105 Cr
| Construction (built-up @ ₹4,000/sq.ft) | ₹308 Cr |
| MCGM premiums & approvals | ₹25 Cr |
| TDR @ 60% Ready Reckoner | ₹197 Cr |
| Society corpus (+122% offer) | ₹100 Cr |
| Contingency | ₹31 Cr |
| Cost of money | ₹99 Cr |
07
One society, or two
How the additional commonly held assets serve original members best.
| Single society — all members | Twin society — Assisi 1 original · Assisi 2 new | |
|---|---|---|
| A · Ownership | Additional common assets held by all members | Additional common assets held by original members |
| B · Revenue | Shared by all — the original share is diluted | Leveraged only by original members — share maximised |
| C · Maintenance | Revenue offsets maintenance; may rise with time | Assets cover maintenance and taxes fully; income grows alongside |
| D · Exposure | Majority decisions can burden original members | Original members cushioned against new-member demands |
08
Assets that keep paying members
The premium club
≈ 25,000 sq.ft of club and amenities. Lifetime free membership for every original Assisi member; everyone else pays to join — a standing revenue line that funds maintenance against inflation.
Retained commercial income
A portion of the commercial area can be retained and let — in the twin-society structure this income belongs to original members and can carry maintenance and taxes in full.
The Malabar Church
The Church holds three flats — 405 + 645 + 645 sq.ft. Two fair routes: a pro-rata residential-to-commercial space flip, or a voluntary commercial allocation drawn from supporting members' own +122% entitlement. It is not appropriate to burden all for the comfort of some — contribution stays a choice.
09
Structure and delivery
SPV + lead brand partner
ARR as proposer, investor, financier and management services. Society carries no funding or project risk.
CC in 6 months
Commencement Certificate within six months of the Development Agreement.
Built in 60 months
Members take possession before any sale flat is handed over.
~₹80 Cr guarantee
Irrevocable performance bank guarantee approved by the Managing Committee.
- Floor-to-ceiling 9.5 – 9.75 ft, every flat.
- One uniform material specification across the project.
- Lift lobbies designed for privacy between flat groups.
10
Open items and risk register
| Joint Mojini / Kutchi Sarvodaya Nagar boundary | Settlement may adjust area; the Property Card area is the floor — leaks to be found and fixed. |
| Public-housing reservation claim | Certified copy of the 1992 DP to be obtained from MCGM; both 1992 and 2035 plans show no reservation on this plot. |
| Tridaathu Realty involvement | Time-barred and undelivered for eight years; removal by letter citing inability to deliver. |
| Additional FSI from guideline changes | Monetised by the investor — fair risk cover for guaranteeing fixed deliverables. |
| Additional TDR | Remains the society's property, to use as it deems fit. |
11
Assumptions and disclaimer
Every rate in this study, named — replace any of them and the whole report recomputes.
| Assumption | Value | Status |
|---|---|---|
| Existing member carpet | 82,000 sq.ft · ≈168 members | To verify — 6.1 schedule |
| Road set-back TDR | 1,56,077 sq.ft | Per tender note |
| Ready Reckoner (circle) | ₹21,000/sq.ft · TDR @ 60% | To verify |
| Residential sale rate | ₹31,000/sq.ft | Indicative |
| Commercial sale rate | ₹38,000/sq.ft | Indicative |
| Construction | ₹4,000/sq.ft · 1.35× built-up | Indicative |
| Premiums / contingency / finance | 8% / 5% / 15% | Indicative |
This study is indicative and prepared for member discussion. All figures are subject to joint survey, the Joint Mojini report, MCGM approvals and independent third-party validation appointed by the society. Existing carpet figures must be replaced with the verified premises schedule before reliance.