The redevelopment includes Maitri Park in Chembur East (9 acres) and Shrinagar Society in Chembur West (6 acres). The developer is securing approvals and aims to complete the projects in 4-5 years.

"We aim to transform older areas with improved infrastructure," said Surendra Hiranandani, CMD of House of Hiranandani. The company is also exploring more redevelopment opportunities in South and Central Mumbai.

House of Hiranandani is focusing on both residential society redevelopment and slum rehabilitation. Their first redevelopment project in Kandivali will be completed in 2025. The state government's stamp duty relief has also encouraged the redevelopment of aging buildings in Mumbai and other cities.

The developer has previously delivered 25,375 homes and developed over 45.82 million sq ft across residential and commercial projects.