ArtHouse

The land is freehold in New Friends Co-operative Housing Society's name since a December 2023 conversion from restricted (Class II) to full (Class I) occupancy — cleaner than the government-leasehold most redevelopments carry, and there is no renewal premium to worry about.

• A detailed advocate's title report runs the chain from the 1966 society grant to the 2023 development documents, with 58 years of searches and a public notice that drew no claims, and reads clear-and-marketable subject to the developer handing the members their new flats.
• The developer builds under a registered Development Agreement and Power of Attorney — the redevelopment norm.

• The Development Agreement, Power of Attorney and Supplementary Agreement are referenced but not in the file — worth reading for the entitlement split and conveyance timetable.
• A MahaRERA consumer complaint (order approved) sits against the promoter while the record says 'no litigation'.

• Every floor is approved and the area statement is fully consumed, so this is not a case of selling unapproved floors — the plinth-stage commencement certificate simply reflects an early build.
• The real question is occupation certainty.

• About 37% of the saleable area is clubbed onto two named off-site slum-rehabilitation schemes, and the SRA approval meters the sale building's construction to that rehab, withholds the last tenth of construction until the outside transit camp is demolished, and grants no sale occupation certificate until the equivalent rehabilitation area is certified.
• The clubbed area splits roughly 80/20:.

• ~80% rides on Adarsh Meghwadi SRA CHS in Jogeshwari East — build status unconfirmed, and the Meghwadi slum pocket is under a recent eviction directive; this is the material open item.
• ~20% rides on Om Sai SRA CHS in Kherwadi (MahaRERA P51800047262, Blue Castle) — structure, finishing and services all complete, so substantially built.

• So the obligation is clearly identified — better than an unknown floor area (FSI) source — and roughly a fifth looks delivered, but the majority is unconfirmed, so the gate is not cleared on today's evidence.
• A strong local builder record offsets execution risk, not the structural gating; if Adarsh Meghwadi is confirmed built, delivery would rise materially.

• The quarterly architect and engineer certificates are up to date.
• But the MahaRERA page names the planning authority as the municipal corporation when the sanction is actually the Slum Rehabilitation Authority under Regulation 33(11), and it fills the 'Commencement Certificate issued up-to' field with the sanctioned floor list while the actual certificate covers only the plinth.

The portal also shows a decided consumer complaint against the promoter while declaring 'no litigation' — read the approvals and the documents, not the portal fields.

• The marketed 'uninterrupted sea views' and 'one apartment per floor' claims are borne out by the protected western aspect and the sanctioned upper-floor plate.
• Amenities — rooftop pool, clubhouse, spa, gym — are on the plans.

• What the marketing omits is the structure behind the product: a cooperative-society redevelopment via the SRA route, with ~37% of the saleable area clubbed onto off-site slum-rehab schemes.
• The teaser price (~Rs.33 Cr) also sits well below the registered full-floor sale (Rs.87 Cr).

• The ocean aspect on the west is protected: a police station and low-rise occupy the plot between the building and the sea, so nothing tall can rise to close it.
• The building is oriented to pull the view west and north-west — even the north-facing rooms angle toward the ocean.

• The trade-off is deliberate: the south face is effectively a dead wall and the east holds the lift shafts and service areas, because the design puts the living space on the sea side.
• This durable sea view is the main reason the price clears the top of the local band.

• The building runs two homes on the lower floors and single full-floor homes higher up, off a central core with three passenger lifts and a stretcher lift.
• A registered home shows about 466 square metres of carpet plus a roughly 98 square-metre balcony, all disclosed — a mid-to-high efficiency read for the Bandra West set.

• On the upper floors there is one apartment per floor, so the lift lobby is an unbilled bonus rather than a carved-out exclusive common area — the safe, Nautilus-style pattern, not the Crown multi-flat foyer risk.
• The only exclusive-use grant is the topmost open terrace to the top apartment, which is a disclosed open area, not a restricted-common-area finding.

• The first registered sale is a full-floor home at Rs.87 crore — about Rs.1.73 lakh a square foot on carpet — at or above the top of the roughly Rs.1.0-1.5 lakh Bandra West band, which the protected sea view, amenities and freehold tenure support.
• The value is fully declared, at about 2.76 times the ready-reckoner.

• The payment schedule front-loads: roughly 45% falls due on two calendar dates before the first superstructure slab is cast, then tapering slab-linked instalments.
• It is negotiable toward construction-linked milestones.

• One building of 28 homes at one to two per floor is low intra-plot density.
• The social mix is the point: 17 of the original society members are rehoused in the same tower as the 11 free-sale homes, sharing lobby, lifts and society — one of the members is State Bank of India.
• The off-site rehab is off the plot and belongs with delivery, not density.

• The surroundings are an established, low-rise premium residential pocket near Bandstand.
• This is provisional pending the development-plan reservation snapshot and a same-radius pipeline pass, but no adverse neighbourhood signal is apparent.

• Getting to the Sea Link today means roughly twenty minutes through congested Bandra.
• A new coastal-road entry point is due about a minute from the plot, near Otter's Club, within about a year — a near-term change that would sharply improve the drive to the coastal road and the sea link.

The kitchens are paired with a perimeter service-utility area against the building's edge, giving an exterior air path — a pass on the ventilation rule.

• Three passenger lifts and a stretcher lift serve about eighteen floors at only one or two homes per floor, so the lift-wait model returns a robust Grade A-to-B across the luxury band (waits of roughly half a minute).
• Comfortable vertical transport for a building this size.

• Nothing in the documents suggests a water shortfall.
• The Hydraulic Engineer No-Objection Certificate is due before further construction and a water-adequacy certificate before the completion certificate; the exact No-Objection Certificate water count against the unit count is the only open check.

• You can drive to your bay: a 6-metre two-way ramp serves two basements and two podium decks, and a registered home is allotted four covered bays in two tandem sets (one car behind the other).
• Some decks also carry mechanical stack bays.
• The mild drags are the tandem arrangement and the absence of visitor parking.

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.

• The community pairs full-floor luxury buyers with the 17 rehoused original society members in one building — different economic strata sharing one society and lobby, which is the character of a cooperative-society redevelopment.
• On-ground feel is a field refinement.