Promesa Fremont

• Freehold is the ideal but not the Mumbai norm, so the lease is graded on its own cleanliness - and this is about as clean as a government leasehold gets.
• MHADA, which has owned the plot freehold since 1977, grants a fresh 90-year lease that renews on a renewal clause at a token Rs.11 a year, with no expensive market-rate renewal, and takes its consideration in built area (its own wing of the scheme) rather than ongoing rent.
• The charge is clean - no mortgage on the project in the registered agreement.
• That is a top-grade leasehold, only a notch or two below a clean freehold.

• Two property-specific things hold it a little lower.
• The tenure is not yet vested: the free-sale society's lease is executed only after the entire rehab-plus-sale cluster is complete and occupied, so a buyer today holds the promise of a clean lease rather than one in hand - a risk that mostly belongs to delivery.
• And the portal flags two 2023 High Court matters with no papers on file.
• Clear those and this reads as a genuinely sound leasehold.

• Only a plinth-level Commencement Certificate is in hand.
• Above-plinth construction is barred until the developer obtains the final MHADA No-Objection Certificate and clears the scheme payments, and - crucially - the free-sale Occupation Certificate cannot be granted until every rehab occupant across the plot is re-housed and the rehab building is complete (within 36 months of its own Commencement Certificate).
• Possession is set for end-2030, and the developer is a first appearance in the Rexray set with no track record of completed, occupied towers we can point to.

• On top of that the floor area (FSI) is not fully consumed - the agreement itself says further floor area (FSI) 'will be proposed and consumed in future' - so part of the upper tower rides on approvals not yet granted.
• This is the single biggest risk on the property.

• The registration is active with quarterly architect and engineer certificates filed to mid-2026, and legibility is average.
• Worth knowing that the portal record itself carries faults a reader must correct: the published map coordinate is off by about a degree (it would place the plot ~110 km north), the parking table renders as all-zeros, and the Commencement Certificate table is blank even though a Commencement Certificate chain exists in the documents.

• Three claims sit above the record.
• The address is marketed as 'Lalbaug', a trendier neighbour of the registered Chinchpokli/Parel-Sewri.
• The height is sold as 'G+60' with a 47th-floor flat, while the sanctioned area statement accounts habitable floors only to about the 37th - the higher numbers count podium levels in and skip unlucky floors.
• And the tower is shown standing alone, when it is the minority building on a plot roughly two-thirds given to rehab.

• The tower is surrounded by neighbours taller than its own roof.
• Due west stands Minerva at about 301 m; the south-west has the 300 m-plus Mahalaxmi cluster; the north has Avighna and The Edge at ~260-270 m; and the primary marketed north-west aspect looks straight at the BDD Chawl redevelopment's 250 m-plus sale towers.
• The lower and mid floors are additionally walled by the project's own rehab wings to the north and east.

• So there is no protected long-range view in any of the premium directions.
• The most open aspect is actually the eastern, lower-rise Byculla/railway side.
• Which flat you buy - its face and floor - decides the outlook entirely.

• The floor is a pinwheel: a big central core with several lift banks, and slender angled arms carrying eight or nine homes (700-1050 sqft) per level.
• That shape spends more of the floor on circulation and perimeter, so usable efficiency computes to the low-to-mid 60s percent - below the Parel-Sewri set average.
• Private decks are a plus; the exact interior-column count in the living rooms is the one thing left to confirm off the sanctioned plate.

• The reference flat is carpet-only: 1044 sqft of RERA carpet, with no separate deck or enclosed 'exclusive-use' area dressed up and sold as part of the home.
• The building's common areas and amenities - lifts, staircases, landings, tanks, gym, banquet hall - stay with the promoter as common property, not carved out onto your agreement.
• That means no restricted-common-area trap on this unit, which is a genuine positive.

• The registered agreement works out to about Rs.28,762 per sqft of carpet (Rs.3.0 crore for the 1044 sqft flat), and the field band is roughly Rs.25,800-31,800.
• That is in line with the Chinchpokli/Lalbaug mill-land micro-market - neither a bargain nor a stretch.
• Whether any part of a transaction runs in cash is unconfirmed.

• On the 6,609 sqm plot the free-sale tower is outnumbered by rehab.
• Around 224 sale flats sit alongside roughly 460 rehab and MHADA homes - about 205 in the rehab wing, 162 in the MHADA wing, and 93 in a retained older building - a rehab-to-sale ratio near two to one.
• That is a lot of density, footfall and shared-compound life around the sale tower, and the rehab wings also block the lower floors' north and east views.

• The surroundings are an actively redeveloping mill-land district: the project's own rehab and MHADA masses, plus a ring of supertall towers going up nearby, mean heavy density and construction for years to come.
• The wide 36.6 m Sane Guruji Marg frontage helps.
• How the surrounding pipeline lands over the next few years is a field question.

• It is an inland location.
• The nearest coastal-road entry (Haji Ali) is about 35 minutes on a weekday late morning, while the Eastern Freeway / Atal Setu junction is nearer at about 20 minutes.
• Good for the eastern harbour side and the airport run, weak for the western sea-facing corridor.

• The kitchens sit on the outer edge of each arm with a service slab or utility balcony beside them, so they vent to open air rather than recirculating indoors.
• A clean pass on ventilation.

• The core runs about six passenger lifts for the eight or nine homes on each floor, over a tall stack.
• The modelled peak-hour wait lands in the good-to-adequate band (around 23-35 seconds), so the lift experience is not a problem at this price.
• The exact lift speed and car size would confirm it precisely.

• The water-connection count that the municipal sanction ties to the number of homes was not legible in the documents we have, so water adequacy can't be sealed from the folder.
• Worth asking the builder for the sanctioned water/hydraulic No-Objection Certificate against the unit count.

• Parking is genuine self-park: you drive up a 7.60 m two-way ramp to a podium bay, with some double-deck (stack) bays on the decks.
• There are plenty of spaces (about 387 against a requirement of 269).
• The catch is height - the podium climbs perhaps ten to fifteen levels on a single two-way ramp with no car lift, so an upper-deck bay means real ramp time each way.
• The bay is allotted only near handover, and a private-bay EV charger is not confirmed.

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.

• By its make-up this is a mixed community: a roughly two-to-one rehab-to-sale plot in a redeveloping mill-land pocket, with compact two- and 2.5-bedroom sale homes around three crore.
• Whether the sale buyers skew end-user or investor is hard to call on the ground today.