Standard Mills owner Standard Industries Ltd has sold the development rights of a prime land parcel in Mumbai’s Dadar West to Prabhadevi Developers Pvt Ltd. Limited in transactions with value exceeding Rs. ₹₹169.51 crore, according to property registration documents reviewed by CRE Matrix.
As per the property registration documents, the size of the plot is approximately 1,937.30 square meters and the land owner will also get a portion of the built-up area in the new building constructed by the developer named Prabhadevi Developer Pvt. Ltd. Ltd.
The transaction, registered on May 22, 2026, was in the form of a deed of assignment of development rights, for which the stamp duty was more than ₹9 crores were paid.
As part of the transaction, Prabhadevi Developers Pvt. Ltd. will pay financial consideration ₹Rs 169.51 crore to Standard Industries Ltd to acquire irrevocable development rights on the property. Standard Industries will also get a share in the upcoming development. Documents show that in return for handing over the development rights, the company has been allotted 25,774.61 sq ft of residential RERA carpet area with 16 car parking spaces in the proposed project.
The documents show that the developer will hand over possession of the owner’s area along with car parking spaces in ‘bare shell’ form, along with Occupation Certificate (OC) within 48 months of the commencement of excavation work, subject to an additional grace period of 12 months.
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The document reveals, “If the Developer fails or neglects to give possession of the area to the Owner for reasons beyond the control of himself and his agents within 60 months (including the grace period) from the date of commencement of construction of the Project, the Developer shall be liable to pay a monetary compensation of Rs 60 lakh to the Owner from the end of the period of 60 months (including the grace period) from the date of commencement of construction of the Project.”
An email query was sent to Standard Industries Ltd and Prabhadevi Developers Pvt Ltd. Ltd. Story will be updated when response is received.
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mill land and real estate
According to local brokers, the transaction highlights the ongoing transformation of Mumbai’s historic mill land. Like erstwhile textile mill properties such as Kamala Mills, Phoenix Mills and Empire Mills, land parcels owned by old textile companies are increasingly being monetized through redevelopment and development-rights agreements.
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Dadar West
Dadar West remains one of Mumbai’s most sought-after residential destinations due to its central location, established social infrastructure and excellent connectivity to major business districts such as Lower Parel, BKC and Nariman Point. The area has also emerged as an active redevelopment market, with many old buildings and industrial land parcels being redeveloped into premium residential projects.
