Lodha Developers has acquired over 945 apartments as permanent transit camp (PTC) units in Mumbai’s eastern suburb of Mankhurd from another real estate developer in a transaction valued at Rs 567 crore.
This is the largest SRA-linked asset transfers recorded so far and reinforces the growing trend of offsite PTC fulfilment in Mumbai’s real estate market.
The transaction involving bulk purchase of apartments includes a total built-up area of 3.39 lakh sq ft and is a compliance-driven move.
A Permanent Transit Camp refers to ready-built housing units that developers construct or acquire to temporarily or permanently house project-affected people--usually slum dwellers or tenants--under SRA schemes or redevelopment projects.
One of the company’s ongoing projects involving slum rehabilitation in Vikhroli suburb mandates the developer to hand over more than 50,000 sq meter of constructed area to the Slum Rehabilitation Authority for PTC purposes.
These residential units, once completed, will be handed over to the SRA, allowing Lodha to meet its rehabilitation commitment for the Vikhroli project. The seller reportedly holds over 83,000 sq meter free sale component in Mankhurd, making the location suitable for such a transaction under SRA norms.