Detailed Report · as of 06/26
Aakasa
MHADA Adarsh Nagar (Worli) leasehold redevelopment — Sale Building No. 2. Marketed 'seafront' from ~1.3km inland; on-plot rehab building omitted.
INVESTIGATEas of 06/26
MHADA Adarsh Nagar leasehold redevelopment; registered sale agreement doc 3510/2026; Rexray field intelligence, June 2026.
A clean-title, fully-financed but running-late Worli tower — a cheaper way into the pin, with an expansive-yet-interrupted view and a registered price ~40% below market.
Clean title, ring-fenced finance, an efficient layout, a real (if interrupted) sea view and a value entry into the Worli pin keep this firmly an INVESTIGATE rather than a Skip. But the case isn't closeable yet: a running-late first-time-at-segment developer, a poorly-legible/stale RERA record, and a registered price ~40% below market that could be value or a cash component. Resolve the cash-component (3+ registrations), the latest commencement certificate (CC) + revised completion, and group delivery before committing.
Reading the Rexray verdict ▾
Buy — clears the bar — no hard-stop, and the fundamentals hold upShortlist — strong fundamentals, with named trade-offs to accept with eyes openInvestigate — real merits, but specific open questions to resolve before you commitSkip — a hard-stop issue — pass regardless of how good the apartment isSkip · revisit — a hard-stop that could clear — recheck in ~6 months or at the OC
The five things that decide it
1A 25th-floor unit registered ~36-52% below the Worli market (~Rs.48k vs Rs.75k-1L/sqft): partly a cheaper entry into the pin, partly an unverified cash-component question.
2The outlook is exposed: the 34-acre Adarsh Nagar cluster (40-60F) wraps N/E and a ~30F Casa Del sits north-west — the expansive aspect keeps a sea view but no longer a blanket one; marketed 'seafront' is ~1.3km inland.
3A new three-family consortium's first Worli ultra-luxury tower, running late (first commencement certificate (Commencement Certificate) Apr-2023, ~30 of 34 floors) — though finance is clean and all 33 units are sold.
4The RERA record is poorly legible and stale (portal shows commencement certificate (Commencement Certificate) to the 20th while ~30 floors stand); confirm the latest phase commencement certificate (Commencement Certificate) with the developer.
5Genuine positives: clean title on a perpetual MHADA leasehold, ring-fenced finance (Aditya Birla + HDFC escrow), Grade-B lifts, and ~5-minute coastal-road access.
FVL — Rexray's index · F Fundamentals · V Value · L Livability · each pillar is the average of its scored attributes, scored 0–10: Weak (<4) · Mixed (4–6) · Fair (6–7.5) · Strong (7.5+) · the verdict is set separately, by hard-stop rules
Fundamentals
4.8/10MixedPillar score is the average of the scored attributes below; some attributes are qualitative and carry questions rather than a number.
Clear Title7/10
Clean title on a perpetual MHADA leasehold — a corridor positive
- The land is MHADA (government) leasehold on a finite 90-year sub-lease running from 1 April 1980 — so it expires 31 March 2070 (~44 years remaining at possession), renewable on standard MHADA terms.
- This is the same MHADA-leasehold structure as Nautilus and SeaKrest; it is not freehold, and the 1949 'in perpetuity' wording applies to the government head-lease, not the buyer's tenure.
- Title is otherwise clean: the advocate's certificate records no litigation, and an earlier dispute with a previous developer was settled by registered Consent Terms in October 2022 (cancellation deeds filed).
- The only charge is the disclosed Aditya Birla construction-finance mortgage.
- Renewal premium at 2070: ~Rs.24-44 L today (~Rs.0.7-1.3 cr nominal) for a ~1,596 sqft unit at the 25% floor; undisclosed in marketing.
- Note the 2070 expiry is ~9 years sooner than Nautilus/SeaKrest (2079).
- Refresh a current litigation / sub-registrar search — the certificate is 2023-vintage.
The MHADA sub-lease is 90 years from April 1980, expiring 31 March 2070 — ~9 years SHORTER than Nautilus/SeaKrest (2079). At renewal the land premium (undisclosed in marketing) is roughly Rs.24-44 lakh in today's money for a ~1,596 sqft unit (about Rs.0.7-1.3 cr nominal by 2070) at the 25% regulatory floor, more at the 25-60% precedent — a finite, quantifiable liability to factor into long-horizon resale and financing.
Where this sits across the corpus · Clear Title
Aakasa ranks 8 of 14.
Delivery5/10
First Worli ultra-luxury tower by a new three-family consortium — finance clean, track record unproven
The brand 'Aakasa' is a consortium of three mid-tier Mumbai family developers (Techno, Fortune, Gala) building through Techno Freshworld LLP — their first Worli ultra-luxury tower and first MHADA-Worli redevelopment, with no group occupancy certificate (OC)/render-to-reality record on file yet.
- Finance is clean and ring-fenced (Aditya Birla Rs.95 Cr + an HDFC RERA escrow), all 33 sale homes are sold/booked, and ~30 of ~34 floors are built — not a stalled shell.
- But the pace is slow: the first commencement certificate issued in April 2023, so at ~3.2 years and ~30 floors the project is past the ~3-year norm for a 34-floor structure, and the December 2027 RERA date looks tight.
- Pull group OC history for Techno / Fortune / Gala.
- Confirm the latest phase Commencement Certificate and a realistic revised completion date.
Where this sits across the corpus · Delivery
Aakasa ranks 6 of 12.
Developer Compliance3/10
RERA record is stale and poorly legible
- Field read: RERA legibility is poor.
- The portal still shows the building sanctioned to ~the 20th floor while ~30 are built — Mumbai developers are slow to upload phase commencement certificates, so the portal lags reality.
Treat the portal floor/commencement certificate (Commencement Certificate) figures as a recency artefact and verify the latest commencement certificate (Commencement Certificate) directly with the developer.
Where this sits across the corpus · Developer Compliance
Aakasa ranks 14 of 14.
Brochure-vs-Reality4/10
Marketing sells a seafront story the site doesn't support
The brochure markets 'sea vistas' and 'sea-decks' from a plot ~1.3km inland, and an 'exclusive 5-bed unifloor' lifestyle over a building that is in fact 33 sanctioned tenements at ~2 flats per floor (a 'unifloor' is two amalgamated).
- It omits the 20-floor, 72-tenement rehab building on the same plot, the MHADA leasehold, and the surrounding Adarsh Nagar cluster + Casa Del.
- Connectivity claims (Sea Link, Coastal Road, BKC) are fair.
Value
6.2/10FairPillar score is the average of the scored attributes below; some attributes are qualitative and carry questions rather than a number.
View5/10
Expansive but interrupted — a partial sea view, not a blanket one
- The tower has a genuinely expansive aspect, and even as towers rise in front the upper floors keep a sea view — just not a blanket, uninterrupted one.
- The marketed west sea is distant (~1.3km inland) rather than seafront.
- north-west: 'Casa Del' (~30 floors) interrupts north-west-facing rooms below ~F30.
- North: the 34-acre Adarsh Nagar cluster (40-60 floors) would cut much of the north below ~F65 if built.
- South: walled by the Worli high-rise belt (Birla Niyaara, Prestige Nautilus); east stays relatively open.
Verify unit facing/floor — the higher and the more west/east the aspect, the more of the view survives the build-out.
Worli view-corridor map — the surrounding pipeline (legend inside)
Pipeline Legend
Rexray · June 2026
A
Siddharth Nagar SRA80+ floors
B
Prestige Miriam Nagar SRA4–5 towers × 75+ floors
C
BDD Chawls33×40F rehab + 10×80F sale
D
Worli Police Colony~40F quarters + 50+ sale
E
Sumitomo / Bombay Dyeing22ac · 50F comm + 70F resi · JPY 500B
F
Lodha ~4ac (N of DP Rd)50+ comm + ~60F resi · PENDING
G
Sterling / Worli Dairy SRA38F · blocks Trilogy F15–38
H
Lodha Seaface (KAGK Rd)~50F · coastal wall
I
Sewage Treatment PlantExisting · monsoon odour risk
J
Aspect Realty (opp. Raaya)57F · RERA pending
K
Birla Century Textiles 10ac50F comm + resi · N of Niyaara
L
Coastal Road Slum (L-shape)SRA-probable 40–50F
M
Oberoi Mall/CommercialPandurang Budkar Marg · TBD
Where this sits across the corpus · View
Aakasa ranks 8 of 14.
Layout & Living7/10
Efficient full-floor plate (~84%, to be confirmed)
- Base layout efficiency reads ~84% — a full-floor luxury plate with decks and no penalty flags applied.
- The SANCTIONED sale-building typical floor plan is NOT in the doc set (only the marketing 'unifloor' plan + the RERA carpet area table), so base efficiency + penalty flags (butterfly/columns/servant-tight/no-deck/envelope) are unconfirmed.
Where this sits across the corpus · Layout & Living
Aakasa ranks 11 of 14.
What to ask the builder
Understand “Layout & Living” on the X-Ray page ↗- The west-face glass specification — brand, glazing thickness, and the heat-trapping (SHGC / U-value) number.
Non-RERA Area7/10
Deck is owned; only a mild whole-floor lobby caution
- [Rexray field] The sale agreement carpet 148.25 sqm INCLUDES a 9.7 sqm open DECK = Bucket-2 (owned, separately stated) — NOT an RCA finding.
- There is no enclosed exclusive-use lobby carve-out in the two-units-per-floor base config.
- RCA CAUTION arises only on a JODI / unifloor sale: when one buyer takes the whole floor, the per-floor LIFT LOBBY is enjoyed as private but is COMMON AREA — NOT RERA carpet area and cannot be owned (no construction rights; lobby-as-bonus).
- Mild: single-family-per-floor lobby-as-bonus is lower BMC-enforcement risk than a multi-flat carved exclusive lobby (Crown), but the buyer must not treat the lobby as owned/saleable area.
Where this sits across the corpus · Non-RERA Area
Aakasa ranks 9 of 14.
Pricing6/10
Cheaper way into the Worli pin — with a cash-component question
- A 25th-floor unit registered at ~Rs.48,120/sqft (carpet) — ~17.6% above the government ready-reckoner but ~36-52% below the Worli luxury market of Rs.75k-1L/sqft.
- Part of that is a real value story: this is a cheaper entry into the Worli pin than the marquee projects.
- But a registered price ~40% under market is also the classic cash-component signal.
- It is unverified on a single registration — pull 3+ registrations to tell the value-discount apart from an off-the-books component (which would carry tax-on-resale and RERA-claim consequences).
What to ask the builder
Understand “Pricing” on the X-Ray page ↗- What is the all-in cost — including stamp duty, registration and goods-and-services tax (GST)?
- What is the rate on the area I actually own (carpet plus deck) versus the marketed area?
- What have recent apartments in this building / micro-market actually registered at?
Livability
5.7/10MixedPillar score is the average of the scored attributes below; some attributes are qualitative and carry questions rather than a number.
Compound Density4/10
Small plot, high on-plot density
- A 20-floor, 72-tenement rehab building and a 28-level mechanized parking tower share a small ~2023 sqm plot with the 33-unit sale tower (rehab-to-sale ~2.2:1).
- High intra-plot density for an ultra-luxury product, and the rehab building is absent from marketing.
- The plot itself is not part of the Adani cluster tender.
Where this sits across the corpus · Compound Density
Aakasa ranks 10 of 14.
Neighbourhood4/10
Ringed by incoming high-rises by 2032
- The surroundings change materially over the next few years: the 34-acre Adarsh Nagar MHADA cluster (Adani; 40-60 floors) wraps the north and east, a ~30-floor 'Casa Del' sits north-west, and the Worli high-rise belt is to the south.
- Development Plan-2034 shows reservations (educational, open-space) and a recreation-ground plot adjacent.
- Confirm Casa Del's exact height and the Adarsh Nagar cluster's heights/timeline.
Where this sits across the corpus · Neighbourhood
Aakasa ranks 10 of 14.
Peak-Hour Connectivity8/10
~5 minutes to the coastal-road access
About 5 minutes to the Godrej Bay View access point onto the Worli Coastal Road / Sea Link — strong arterial access for the corridor.
Fixable? Builders like to sell connectivity as kilometres from a landmark — but the real test is time, not distance: how long you would actually be stuck, at peak hour, just getting to a fast arterial like a Sea Link or Coastal Road on-ramp. The access route and the on-ramp are municipal and outside the developer's control, so there is no fix to offer — only an honest read of the peak-hour reality today and the area's trajectory by 2032, once the surrounding pipeline has built out.
Where this sits across the corpus · Peak-Hour Connectivity
Aakasa ranks 5 of 14.
Kitchen Ventilation6/10
Kitchen ventilation likely fine, to confirm
- WARN — the kitchen sits on the periphery with a utility (suggesting an exterior air path), but an openable external window cannot be confirmed off the marketing plan.
- Confirm from the sanctioned plan; a recirculation-only kitchen at this price would be a real defect.
Where this sits across the corpus · Kitchen Ventilation
Aakasa ranks 14 of 14.
Lift Wait7/10
Grade B lift performance (with the service lift)
- Counting the resident-usable service lift (3 effective lifts) at 4 m/s, peak-hour lift wait is Grade B (~41-44s) on the 34-floor stack — appropriate for the price point.
- On the two passenger lifts alone it would slip to Grade D, so the service lift's availability matters.
Where this sits across the corpus · peak rush-hour lift wait
Shorter is better. Aakasa ranks 12 of 14.
Water Adequacy6/10
Standard water profile (WARN)
- [from the municipal building approval] MHADA IOA conditions: Hydraulic Engineer + Water Works No-Objection Certificate required before Further commencement certificate (Commencement Certificate) and before occupancy certificate (OC) (standard); bore-well in consultation with HE if applicable; on-plot Rain Water Harvesting + wet-waste (vermiculture/OWC) treatment — NO sewage treatment plant (sewage treatment plant) (so 135 litres per person per day entitlement, not the 90 litres per person per day sewage treatment plant (sewage treatment plant) discount).
- No Nautilus-style double-sewerage/sulphur complication; sale+rehab unit counts stable across municipal building approval/RERA/sale agreement (no >20% post-municipal building approval uplift). hydraulic-engineer water clearance condition present + MHADA water-trunk dependency → WARN (MEDIUM).
Where this sits across the corpus · Water Adequacy
Aakasa ranks 9 of 13.
Build Planning & Qualitynot yet scored
A checklist to verify with the builder — Rexray will score this attribute as the field database grows.
Rexray's database will, over time, be enriched with the attention to detail and quality ethos of each builder. For now, below is the checklist you should verify with the builder before you decide.
What to ask the builder
Understand “Build Planning & Quality” on the X-Ray page ↗- Who's the architect, and what comparable have they delivered?
- Do the lobbies need lights during the day?
- Gym/pool/lobby sized for how many residents? (gym sqft / residents)
- Does this unit's layout meet your Vastu requirements (entry, kitchen, master)?
- Can a fire tender or an ambulance reach the lobby?
- Who is actually building it?
- Mivan or conventional — and how are the tie-holes grouted and cracks controlled?
- What's the realistic floor-cycle, and how does the monsoon factor in?
- Which steel/cement? Facade glazing spec? MEP contractor? STP/solar?
- Which marble/fittings exactly? Which window system? VRV brand?
- Deck/bathroom waterproofing system? How's the facade sealed into the structure?
- Gypsum or block internal walls — and are the party walls insulated?
- Does the back-up generator power my whole flat, or only the common areas?
- Is the parking solo, tandem, or a mechanical stack — and how wide are the bays?
Community5/10
Community profile mixed (pending price-pattern check)
- Provisionally MIXED: the possible cash component (registered below market) points away from a purely professional/institutional profile, though the Rs.7.68 Cr+ ticket filters upward.
- Firm up with 3+ registrations.
What to ask the builder
Understand “Community” on the X-Ray page ↗- What is the ticket-size range in the building — the gap between the cheapest and the most expensive home?
- Is the building vegetarian-only, or skewed to a single community?
- Is it owner-occupied, or investor- and tenant-heavy?
- What is the pet policy?
Findings register
17 findings · severity-rankedEvery marketed claim set against the documented fact, sourced. Critical and high first.
HIGH
External cluster + Casa Del threaten N/E/S view & density (plot itself NOT in the Adani tender)
MarketedSerene low-density sea-deck living
Documented[Rexray field] The subject is a completed/under-construction society building, NOT part of the Adani 34-acre Adarsh Nagar tender — so the cluster is an EXTERNAL threat, wrapping N/E (40-60 floors, clears only >F65). PLUS 'Casa Del' ~30 floors at the Sasmira Marg/New Prabhadevi Rd corner (S/SE). Raycast: N threatened, S already walled by the Worli high-rise belt. Marketing omits all of this.
The plot is already built (not in the Adani 34-acre tender), but the surrounding Adarsh Nagar cluster redevelopment (40-60 floors) and a ~30-floor 'Casa Del' in front are serious view/density threats.
Source: government filings, Rexray analysis
MED-HIGH
Upper floors above the 20th sanctioned-on-amended-drawing but not yet Commencement Certificate'd (delivery contingency)
MarketedFull luxury building delivered
Documented[Rexray field] ~34 floors total, built ~30. RERA portal records 27 sanctioned / 20 habitable / Commencement Certificate-to-20 (stale; phase CCs not uploaded). In Mumbai construction rarely starts without Commencement Certificate, so the risk is portal-recency + the topmost floors' Commencement Certificate at purchase, not stalled construction. Buyer should confirm the latest Commencement Certificate directly with the developer.
The building is ~34 floors (built ~30) but the RERA portal still shows Commencement Certificate to the 20th — the portal is stale; buyers should confirm the latest phase Commencement Certificate with the developer.
Source: registered documents, government filings
MED-HIGH
Distant inland sea-view premium (~1.3km) marketed as seafront
Marketed'Splendour of sea vistas', sea-decks, 'above-the-world'
DocumentedPlot is ~1.3km inland in Adarsh Nagar. Raycast: W open today but a distant sea sliver; S walled by the Worli high-rise belt (Niyaara/Nautilus, clears only >F77); the real dominant exposure is the surrounding MHADA cluster. Distant/oblique sea premium (VAT red-flag pattern). Corroborated by price: the registered ~Rs.48,120/sqft (carpet) is a mid-Worli inland rate, not a seafront-premium rate.
The marketed 'sea view' is a distant inland sliver to the west, not a seafront view — verify the actual sightline.
Source: marketing, Rexray analysis
MED-HIGH
New, untested-at-segment promoter consortium (first ultra-luxury Worli tower)
Marketed'Superlative quality & timely possession', '3 decades of experience'
DocumentedTechno Freshworld LLP is a NEW entity not in the corpus builder registry; brand 'Aakasa' = Techno + Fortune + Gala consortium with mid-market suburban track records (Dadar/Matunga/Chembur/Wadala/Borivali). This is their first Worli ultra-luxury tower and first MHADA-Worli rehab+sale redevelopment. No group OC/R2R on file.
Three mid-tier suburban developers are delivering their first ultra-luxury Worli tower together — segment execution is unproven.
Source: marketing, registered documents
MEDIUM
MHADA leasehold tenure + on-plot 72-tenement rehab building, both absent from marketing
MarketedStand-alone ultra-luxury sea-view tower (brochure shows only the sale building)
DocumentedMHADA-layout redevelopment of cessed Building No. 41: buyer takes a MHADA leasehold; a 72-tenement rehab building (4/floor @50.91 sqm) + a 28-level parking tower share the ~2023 sqm plot (rehab:sale ~2.2:1). Neither appears in marketing.
You are buying into a MHADA rehab+sale compound on leasehold land, not a stand-alone freehold tower — the rehab building is omitted from marketing.
Source: government filings, registered documents, marketing
MEDIUM
Registered price ~36-52% below field market — possible cash component (UNVERIFIED)
Marketedn/a
Documented[Rexray field] Area market ~Rs.90k-1.2L/sqft (prime) / ~Rs.75k-1L (this non-prime builder). The registered the agreement ~Rs.48,120/sqft (carpet) is ~36-52% BELOW that and only ~17.6% above ready reckoner — meeting the REG-SIGNAL cash-component threshold (>=30%/>=40%). UNVERIFIED on a single registration. (Revises the earlier 'fully white' read.)
The registered price is ~40% below the quoted market range — a possible cash component to investigate, not the clean-white read I first gave.
Source: registered documents
MEDIUM
Casa Del ~30 floors (north-west) pinches the west view's northern flank; Adarsh Nagar cluster looms
MarketedOpen sea-deck outlook
Documented[Rexray-field-confirmed coords] 'Casa Del' ~30 floors/~93m at [19.01418,72.82015], north-west (~219m): walls north-west-facing rooms below ~F30, clears above. Combined with the Adarsh Nagar cluster (N/E) and the walled S, the open outlook is materially exposed; only the direct-W (distant sea) and E remain relatively open.
A ~30-floor tower (Casa Del) sits north-west and walls lower north-west-facing rooms; with the cluster N/E and walled S, only the distant west and east stay open.
Source: REXRAY-FIELD
MEDIUM
Construction running late — first Commencement Certificate Apr-2023, ~30 of 34 floors at ~3.2 years
Marketed'Superlative quality & timely possession'
Documented[Rexray field] The first Aakasa sale-tower Commencement Certificate issued 12.04.2023; at ~3.2 years only ~30 of ~34 floors are built, past the ~3-year norm for a 34-floor structure. RERA completion 31.12.2027 looks tight. Finance is clean and units fully sold, so this is a pace risk, not a viability risk.
The build is running slow — over three years from first Commencement Certificate and not yet topped out; the 2027 completion date looks tight.
Source: government filings, REXRAY-FIELD
LOW-MED
RERA portal floor/area display out of sync with the amended approved drawing
Marketedn/a
DocumentedRERA portal records 27 sanctioned / 20 habitable / Commencement Certificate up to 20 / 33 apartments; the amended drawing (03.10.2024) extends the sale building toward the 25th floor. The portal display lags the drawing (approved drawing wins; reconcile).
The RERA portal's floor/area figures lag the latest amended sanction — read the approved drawing, not the portal display.
Source: registered documents, government filings
LOW-MED
'Exclusive 5-bed Unifloor' marketing vs a sanctioned 33-tenement, ~2-flats/floor building
Marketed'Exclusive 5-bed Unifloor' / one-family-per-floor exclusivity
DocumentedSanctioned as 33 tenements at ~2 flats per typical floor (Flat-1 120.62 + Flat-2 148.25 + Flat-3 110.20 sqm). 'Unifloor' = two flats amalgamated; the building is a 33-unit tower, not a one-per-floor tower. RERA shows 33 sold/booked individually.
'Unifloor exclusivity' is achievable only by amalgamating two of the 33 sanctioned flats — the tower is not one-apartment-per-floor.
Source: government filings, registered documents, marketing
LOW-MED
Jodi/unifloor lift lobby is common area, not ownable (RCA caution)
MarketedWhole-floor 'unifloor' exclusivity
DocumentedOn a jodi/unifloor purchase the per-floor lift lobby is enjoyed privately but is COMMON AREA — not RERA carpet, cannot be owned or built upon (lobby-as-bonus). The disclosed 9.7 sqm deck is owned (Bucket-2). Lower BMC-enforcement risk than a multi-flat carved lobby, but the lobby is not saleable area.
If you buy a whole floor, the lift lobby comes as a bonus but is not owned area — don't treat it as carpet you can build on or resell.
Source: registered documents, REXRAY-FIELD
LOW-MED
Undisclosed MHADA lease-renewal premium at 2070 (~Rs.24-44 L today/unit); shorter term than peers
MarketedMarketing is silent on tenure/renewal
DocumentedThe 90-year MHADA sub-lease expires 31.03.2070 (~9 yr sooner than Nautilus/SeaKrest's 2079). The renewal land premium (25% RR floor) is ~Rs.13.2 cr for the plot today = ~Rs.24-44 L for a ~1,596 sqft unit in today's money (~Rs.0.7-1.3 cr nominal at 2070), more at the 25-60% precedent. Undisclosed in marketing and not quantified in the agreement.
There is a real, undisclosed MHADA lease-renewal premium due at 2070 (~Rs.24-44 L per unit today) — and Aakasa's lease ends ~9 years sooner than its MHADA peers.
Source: registered documents, Rexray analysis
LOW
Elevator wait Grade B once the service lift is counted (resolved)
Marketedn/a
Documented[Rexray field] With the service lift resident-usable (3 effective lifts), EWT = Grade B (41-44s) at speed 4 m/s on the 34-floor stack — appropriate for the price point. (On the 2 passenger lifts alone it would be Grade D.)
Lift wait is Grade B once the resident-usable service lift is counted — no longer a concern.
Source: marketing, Rexray analysis
LOW
Mild address-laundering ('Off Annie Besant Road' vs Adarsh Nagar / J B Temkar Marg)
Marketed'Aakasa, 41, Off Annie Besant Road, Worli 400030'
DocumentedActual: junction of J B (Balaji) Temkar Marg & New Prabhadevi Road, Adarsh Nagar, Worli Adarsh Nagar MHADA Layout, that land parcel(pt).
Marketing uses a premium 'Off Annie Besant Road' address and drops the Adarsh Nagar / MHADA-layout context.
Source: marketing, registered documents
LOW
Registered the agreement obtained — commercial terms sealed (pricing, possession); exclusive-use clause still to classify
Marketedn/a
DocumentedThe registered the agreement (doc 3510/2026, 25.02.2026) is now in the set: consideration Rs.7.68 Cr, RR market Rs.6.53 Cr, fully white, possession 31.12.2027 (= RERA), sale carpet Flat-1 1298 / Flat-2 1596 sqft, binds the IOA + Title Certificate. Remaining: classify the 41.87 sqm appurtenant area (RCA Bucket 2 vs 3) and the unit deck split from the agreement exclusive-use clause.
The registered the agreement is now available and seals price, possession and carpet; only the exclusive-use/deck clause classification remains.
Source: registered documents
POSITIVE
Disclosed ring-fenced construction finance (Aditya Birla Rs.95 Cr + HDFC escrow) — positive
Marketedn/a
DocumentedConstruction finance from Aditya Birla Housing Finance Ltd (Rs.95 Cr, CERSAI-registered, disclosed on RERA) + a designated HDFC Bank Worli RERA escrow account. 26 sold + 7 booked = all 33 sale units committed.
Financing is clean and ring-fenced (Aditya Birla + HDFC escrow) and the sale stock is fully committed — a delivery positive.
Source: registered documents
POSITIVE
Clean title (litigation NIL) on a MHADA sub-lease — positive vs corridor peers
Marketedn/a
DocumentedTitle certificate: developer entitled to develop/sell; litigation NIL; MHADA sub-lease chain (Indenture 10.06.2009, rectified Dec 2022) + DA 31.03.2022; erstwhile developers no claim; public notice drew no objections. (Contrast P15 Imperial's live leasehold suit.) The the agreement recitals also disclose a now-RESOLVED prior-developer dispute (Consent Terms 10.10.2022, Bombay High Court Suit (L) 31632/2022 disposed; cancellation deeds registered) — clean as registered but with a contested history. Tenure root is a PERPETUAL MHADA sub-lease (1949) — not a short-tenor risk.
Title is clean (no litigation) on a finite 90-year MHADA sub-lease expiring 2070 — refresh the 2023-vintage search.
Source: registered documents
Five questions to ask before you commit
- Can you show the latest phase Commencement Certificate covering the floors above the 20th?
- Why is the registered price ~40% below the Worli market — is there a cash component, and what are the registered comparables?
- What is the group's delivery / occupancy certificate (OC) record across Techno, Fortune and Gala projects?
- Exactly which directions and floors keep an open outlook once Casa Del and the Adarsh Nagar cluster are built?
- Is the kitchen ventilated to an external window/air path, and is the service lift always available to residents?
- At the 2070 MHADA lease renewal, what is the estimated land-premium liability per flat, and how is it shared between the rehab and sale members?
Rexray — Real Estate X-Ray. This is a research view built from registered documents, government filings, and Rexray field analysis; it is not legal, financial, or investment advice. Verify every figure against the source documents before you transact.