Introduction
Mumbai’s redevelopment story has entered a new era where real estate feasibility determines which projects succeed and which stall. In dense, culturally rooted neighborhoods like Dadar, feasibility isn’t just about maximizing FSI; it’s about balancing heritage, community, and profitability.
The latest example is Suraj Park View 1, launched by Suraj Estate Developers at Shivaji Park, Dadar (West). With a Gross Development Value (GDV) of ₹250+ crore, a plot area of 2,449.85 sq. m, and saleable carpet area of 0.55 lakh sq. ft., this project demonstrates how regulations under DCPR 2034 can be strategically used to make redevelopment both viable and aspirational.
Project Snapshot
- Developer: Suraj Estate Developers Ltd.
- Location: Shivaji Park, Dadar (West)
- GDV: ₹250+ crore
- Plot Area: 2,449.85 sq. m.
- Abutting Road width: 12.1 m wide road
- Permissible Built-up Area (excl. fungible): 7,447.04 sq. m
- Sanctioned Built-up Area: 6,499.85 sq. m
- Fungible Built-up Area (Reg. 31(3)): 2,604.96 sq. m permissible (~2,485 sq. m proposed)
- Total BUA incl. fungible: ~10,052 sq. m
- Recreational Open Space: 275.98 sq. m
- Rehab units: 54
- Saleable units: 46
Location Advantage: Why Dadar Still Commands Premium Value
Dadar remains one of Mumbai’s most resilient real estate micro-markets, driven by:
- Cultural identity: Proximity to the iconic Shivaji Park gives the project emotional significance.
- Connectivity: 100m from Dadar Metro, 1.2 km from Dadar Railway Station, 6.9 km from BKC, and excellent access to Coastal Road and Bandra-Worli Sea Link.
- Demand resilience: End-users dominate this market, ensuring stable absorption.
- Scarcity premium: Few new launches in Dadar (W) means compact premium homes enjoy strong pricing power.
Design and Lifestyle Offering
Suraj Park View 1 has been designed as a 23-storey premium residential tower under the value-luxury segment:
Tower 1:
- Unit Mix:
- 1 BHK – 469 sq. ft.
- 2 BHK – 670 sq. ft.
- 3 BHK – 872 sq. ft.
- Views: Arabian Sea, Shivaji Park, Bandra-Worli Sea Link, and Eastern Bay.
- Amenities: Double-height entrance lobby, jogging track, open-air gym, yoga deck, banquet lounge, kids’ play zones.
- Parking: Nine-level podium with ample provision.
Tower 2:
For Rehab and Sale, Ground + 22 floors with mechanized car parking tower and puzzle parking
The project blends sea-facing serenity, heritage-inspired design, and modern urban convenience, giving it a differentiated positioning in Dadar’s market.
Applicable DCPR 2034 Regulations
Reg. 33(7): Society Redevelopment
Allows re-accommodation of society members. Applicable as the project involves a redevelopment of cessed buildings in Island City.
Reg. 31(3): Fungible FSI
Up to 35% fungible FSI is permissible. For Suraj Park View 1, 2,604.96 sq. m was permissible, with ~2,485 sq. m availed.
Together, these regulations made it possible to expand from a plot area of 2,449.85 sq. m to a total buildable potential of 10,052 sq. m, ensuring viability.
Other applicable reglations: Check scheme comparison here
Real Estate Feasibility Analysis using LandWise
FSI Utilization
- Permissible BUA excl. fungible: 7,447.04 sq. m
- Fungible FSI (per Reg. 31(3)): 2,604.96 sq. m
- Total permissible BUA incl. fungible: ~10,052 sq. m
This means the developer achieved a nearly 4x FSI utilization on the plot, a critical factor in small, high-value locations like Dadar.
Check LandWise’s FSI statement here
Rehab vs. Sale Balance
- Rehab requirement: Covered under Reg. 33(7)
- Sale component: ~0.55 lakh sq. ft. carpet area, driving GDV of ₹250+ crore (₹275 crore as per our analysis)
By leveraging fungible and incentive FSI, the project ensured enough saleable stock to offset high construction and premium costs.
Market Viability
With Dadar’s pricing power (~₹45,000–₹50,000 per sq. ft. in this segment), Suraj Park View 1 taps into a resilient end-user-driven demand pool. Emotional affinity to Shivaji Park also boosts buyer confidence.
Parking requirements
Rehab – 50 cars
Sale – 44 + Additional 85 cars
After the initial inputs and analysing outputs, you can use Sensitivity Analysis feature in LandWise, wherein you can quickly check cost/revenue impact based on changing critical inputs.
Why This Project Stands Out for Developers
Suraj Park View 1 is a case study in capital-efficient redevelopment:
- Strategic regulation mix: Smart use of 33(7), and 31(3) fungible FSI.
- Optimized feasibility: Balanced rehab obligations with sufficient sale inventory.
- Strong micro-market fundamentals: Emotional demand, limited supply, high absorption potential.
- Capital-light model: Focus on efficiency, not over-leverage.
Lessons for Developers: The Role of Real Estate Feasibility
What makes Suraj Park View 1 significant is how it shows the power of feasibility at the earliest stage:
- Without a feasibility lens, smaller plots may look unviable.
- Using tools like LandWise and FinWise, developers can instantly test:
- Permissible FSI under different schemes
- Rehab vs. sale scenarios
- Project returns and cashflows
- This enables quick go/no-go decisions before committing capital.
Conclusion
Suraj Park View 1 is more than just another residential tower at Shivaji Park. It demonstrates how real estate feasibility, rooted in DCPR 2034 regulations, can turn a compact plot into a ₹250+ crore GDV success.
As Rahul Thomas of Suraj Estate Developers highlighted, the project captures both cultural essence and modern aspirations. For developers, it is a reminder that in Mumbai’s redevelopment-driven future, success lies not in scale alone but in feasibility precision.
With platforms like LandWise, developers can replicate such success stories—analyzing FSI statements, regulation summaries, and financial feasibility in just minutes.
Read our previous blog on Wadala – Mumbai’s Next CBD here