Lead Finding
Most critical concealed + material finding
Unit SK2801 will be built and ~40 floors is genuinely possible, but the marketed 60-floor tower is regulatory fiction — and this same builder's Marina Bay precedent shows mid-project floor additions arriving bundled with RERA possession delays.
F
Fundamentals
The foundation — title clarity, approvals, developer compliance, and whether you get possession on time
·
Floor Count: 60 floors marketed (the Talati render shows ~68) against 34 approved by MHADA; ~40 is the absolute TOD FSI ceiling. 60 would need FSI 6.8 versus a 4.0 cap — there is no regulatory pathway, and the Sale Agreement fallback clause itself contemplates the 34-floor outcome.
Critical
·
Land Ownership: Leasehold, undisclosed in marketing — a 99-year MHADA lease from 1 Apr 1980 expiring 31 Mar 2079. A flat bought in 2025 has ~51 years to lease maturity; renewal premium precedent is 25–60% of the Worli ready-reckoner rate.
High
·
Builder Track Record: the Commencement Certificate (CC) was live with 3.7 months remaining when the buyer signed (clean — the opposite of the Nautilus expired-CC pattern). But the same Sugee delay-by-design precedent from Marina Bay is live, where a floor addition arrived bundled with a RERA extension 22 days after an Occupation Certificate (OC).
Medium
·
Land Ownership — Title Currency: The 2023 title certificate is ~2.5 years stale against the 2025 SBI project mortgage and does not quantify the 2079 lease exposure. One certified copy of the mortgage deed confirming SK2801 is in the excluded-units schedule closes the open item.
Low–Med
V
Value
The deal — layout quality, views at handover, and whether the price is justified by what you actually receive
·
Layout Quality: 86.6% usable (bare-shell, butterfly circulation) — 3rd of 10 in the portfolio. Registered ₹0.52 L/sqft on flat carpet; ₹0.60 L/sqft effective once layout loss is priced in.
Good
·
View at Handover: Due-west Arabian Sea over CS 1008, which is on a slum → CRZ III green-belt trajectory — an improving, defensible horizon nobody is marketing. But the northwest sea-link arc is a wasting asset: Adarsh Nagar (~350m NNW, FSI-4) bids opened May 2026, with 40–60F towers probable.
High
·
View at Handover — Due-West: Worli Police Colony (~175m WNW, G+7 today) only partially blocks the 28th-floor due-west view if it rebuilds to 40F+; the policy exists but no Worli tender does yet — a quarterly monitoring item.
Medium
·
Non-RERA Carpet Area: None — the lift lobby is correctly hatched as common area in both the MHADA plan and the marketing. No ghost lobby, unlike the Nautilus comparator.
Clear
L
Livability
The daily reality — commute, building density, neighbourhood character, and quality of services at possession
·
Compound Density: Society rehab wing shares the compound, but there is no Slum Rehabilitation Authority (SRA)/rehab tower in the sale tower's western sightline — cleaner than the corridor norm. Graded Medium.
Medium
·
Rush Hour Commute: Low — Annie Besant Road (36.6m DP road) frontage with Worli Metro ~200m south, and just 12 sale units generating negligible self-load.
Good
·
Neighbourhood at Handover: Medium — the due-west boundary improves (CS 1008 green belt) while the NNW arc densifies (Adarsh Nagar redevelopment) through the early 2030s.
Medium
·
Lift Wait Time: Passenger-lift configuration analysis pending (a 12-unit tower is expected to perform strongly).
⚠ Pending
View Corridor — 500m at Handover
Subject anchored & pulsing · red Google pin
A
B
C
D
E
F
G
H
I
J
K
L
M
Sugee SeaKrest — subject
C BDD Chawls — affects SeaKrest
D Worli Police Colony — affects SeaKrest
A Siddharth Nagar SRA
E Sumitomo — Bombay Dyeing
F Lodha — N of DP Road
K Birla Century 10-acre
M Oberoi Mall commercial
What to Ask the Developer
01
Provide the TOD FSI waiver application reference, the authority it sits with, and written confirmation that TOD pursuit will not move the Dec 2028 RERA possession date.
02
Confirm CCR/2 renewal post 12 Jan 2026 on the MHADA portal.
03
Provide a certified copy of mortgage deed MBE-3-13689/2025 showing SK2801 in the excluded-units schedule.
04
Provide MMRC's return-of-possession letter for the 151 sqm staging area (post-Aug 2022).
05
What is the society's projected lease renewal premium exposure at the 2079 expiry?
Rexray Verdict
The strongest value-for-money among Investigate properties — Layout Quality 86.6%, no ghost lobby, a due-west sea view defensible over the CS 1008 green belt, and Low rush-hour load on just 12 units. But the floor count is misrepresented (60 marketed vs 34 approved), leasehold tenure to 2079 is undisclosed, and the Sugee delay-by-design pattern is live; the 2.0× floor-count multiplier correctly caps the verdict at Investigate. Get the TOD FSI status and CC renewal in writing before committing.
Rexray FVL Index
F
Medium
5.0
V
Good
7.0
L
Medium
6.5
FVL
Overall (40·40·20)
6.1
Verdict Guide
●
Buy
Risks exist but are addressable or consciously accepted
●
Shortlist
Strong overall; 1–2 issues require conscious acceptance
▶
Investigate
Material gaps — get developer answers before committing
●
Skip
Critical undisclosed risks with no available remedy
●
Skip — Revisit on OC
Delivery risk too high; revisit when OC is received