Worli Redevelopment Tender: A 33(9) Feasibility for Developers

A LandWise feasibility read on a sea-view Worli plot where reservations shape the whole deal

Vaitarna Bheema Worli Sagar CHS (Plot 26/28, BHEEMA, Sir Pochkhanwala Road, CS No. 751) has invited sealed bids under DCPR 2034. The tender document is on sale at the society office from 16 to 26 September 2026 for a non-refundable ₹15 lakh. Bids are due by 5 pm on 24 October, and opening is on 25 October. The society has 84 residential members (~79,800 sq ft carpet) and 20 shops (~5,444 sq ft). The plot has sea views, an 18 m access road, and sits 500 m from both the Coastal Road and Annie Besant Road.

To use calculator and impact on the Net profit for Worli redevelopment tender, click here

We ran feasibility of it on LandWise. Here is what the numbers say.

1. The plot is 7,908 sq.m on paper and 3,469 sq.m in practice

Particulars	Area (sq.m)
Gross plot (property card)	7,908.49
Less: DP road / setback	901.93
Less: reservations (ER 1.2 ≈ 1,800+, EOS 1.5 ≈ 1,700+)	3,537.92
Net plot for FSI	3,468.64

Only 44% of the plot is buildable. That is not a penalty, though. The surrendered land earns in-situ FSI at 2.5×, which comes to 11,099.63 sq.m of DR (about 1.19 lakh sq ft) that the developer can monetise. This plot really has two products: apartments and DR.

For blog purpose, we have considered reservations will be handed over to authority. For AR basis calculations, you may connect with us here

2. Why 33(9) wins for this Worli redevelopment tender

Scheme	BUA (excl. fungible), sq.m	Authority share, sq.m
30(A)	11,620.15	0
33(7B)	11,620.15	0
33(9)	15,680.33	0
33(11)	17,482.28	5,026.80
33(20B)	13,874.56	2,753.94
30(A) × 33(20B)	13,874.56	0
33(7B) × 33(20B)	13,874.56	0

33(11) has the biggest headline number, but 5,027 sq.m goes to the Authority, so it nets out below 33(9). The 33(20B) combinations top out at 13,874.56 sq.m and need about 2,220 sq.m of paid premium FSI. 33(9) delivers about 13% more retained BUA than the next best, with no on-plot premium FSI to buy. CRZ II is already factored in. The plot falls within a CRZ II area, which LandWise flags, and the 33(9) numbers above take its impact into account. Bidders should still confirm the CRZ position in their own diligence of this Worli redevelopment.

3. The FSI stack

Component	sq.m
Basic / rehab FSI (existing carpet × 1.2)	9,503.23
Incentive FSI (0.65)	6,177.10
Permissible BUA	15,680.33
Fungible, free to rehab (35% of basic)	3,326.13
Fungible, paid, on incentive (35%)	2,161.99
Gross BUA	21,168.45 (≈ 2.28 lakh sq ft)

That is roughly 2.68× on the gross plot.

4. What members get

The average existing flat in this society is 88.2 sq.m (~950 sq ft). LandWise models about 1,385 sq ft RERA carpet per member, roughly 46% more, plus a ₹2,000/sq ft corpus (about ₹19 lakh per average flat) and rent at ₹150/sq ft/month (about ₹1.4 lakh per month). At the assumed ₹70,000/sq ft, that new flat is worth about ₹9.7 Cr. The society’s rehab commitment is about 1.5 sq ft for every 1 sq ft the developer can sell.

5. The developer’s P&L (₹ Cr)

Particulars	Amount ( in Cr ₹)
Residential sales (80,785 sq ft @ ₹70,000)	565.49
DR sale	101.61
Parking (119 slots)	29.75
Total revenue	696.85
Land and land-related (rent 75.76, GST 31.99, corpus 17.05, stamp duty 13.22, shifting 0.52)	138.54
Approval costs	129.62
Construction	264.39
Sales and marketing	33.36
Developer fees and interest	44.24
Total cost	610.15
Gross profit	164.31 (24%)
Net profit	86.70 (12%)

6. Where the approval money goes

Three line items make up about 69% of the ₹129.62 Cr approval bill:

• Conversion to Class-I: ₹48.14 Cr (25% of the ready reckoner rate on 7,908.49 sq.m)
• Fungible FSI: ₹24.92 Cr (including ₹5.13 Cr of instalment interest)
• Land Under Construction (LUC) tax: ₹16.66 Cr (assuming 56 months)

Conversion alone is about 37% of approval costs. It is also front-loaded. Of the approx ₹59.10 Cr of approval spend before IOD, ₹48 Cr is the conversion. The minimum pre-construction investment comes to ₹78.42 Cr until IOD and ₹114.25 Cr until CC, excluding interest.

7. What the model is really betting on

Residential sales alone (₹565.49 Cr) do not cover total cost (₹610.15 Cr). Delivering each saleable sq ft costs about ₹75,527 against a ₹70,000 selling price. DR and parking (₹131.36 Cr together) close the gap and produce the entire profit. Without DR revenue, the project shows a loss of about ₹15 Cr.

Each ₹1,000/sq ft on the sale price moves revenue by about ₹8 Cr. So DR pricing and DR liquidity matter as much as the apartment price on this plot.

8. The fine print bidders should read

• Conversion comes first. The successful bidder must convert the land to Class-I under the 2019 Rules, and the society signs the agreement only after that. The developer’s rights vest only on conversion to freehold. The biggest single approval cost is therefore due before any rights exist.
• Two plot areas. The notice cites 7,908.49 sq.m per the property card and 8,659.53 sq.m per the collector grant. We modelled the property card. Conversion on the larger figure would cost about approx ₹4.6 Cr more.
• The tender fee is a filter. ₹15 lakh non-refundable is steep. Two Worli Sea Face societies that tendered in 2025 set theirs much lower: Sagar Darshan priced its tender at ₹50,000 and Kavi Apartments did the same.

Developer shall go through the tender of this Worli society redevelopment carefully.

Takeaways

• The reservations shrink the buildable plot to 44%, but they also generate the DR that carries the project. Alternatively, with AR basis, buildable plot becomes 68.5%.
• 33(9) is the clear winner among the schemes LandWise compared.
• At a 12% net margin, the upside is real but thin against DR and price risk; whereas margins increase considerably (approx 22%), if reservations are developed on AR basis. Sensitivity work matters more than the base case.

Assumptions behind these numbers

• Existing carpet: 88.2 sq.m per residential tenement, 25.2 sq.m per shop; existing BUA multiplier 1.2
• DP road setback is considered as 901.93 sq.m (flagged by LandWise)
• Only residential is considered for the sale component
• Sale price ₹70,000/sq ft; corpus ₹2,000/sq ft; rent ₹150/sq ft/month (residential) and ₹300/sq ft/month (commercial)
• Rehab receives fungible FSI free of cost
• Class-I conversion at 25% of RR per sq.m (leasehold collector land)
• Construction cost at about ₹5,000/sq ft, parking at about ₹25 lakh per slot, DR at about 50% of RR/sq.m
• The plot falls in a CRZ II area (flagged by LandWise); its impact is considered in the 33(9) calculation

Illustrative analysis based on stated assumptions. The tender document governs. Run your own scenarios on LandWise.