Lodha Developers Secures Development Rights for Iconic Silver Oak Complex in South Mumbai
In a significant real estate move, Lodha Developers has acquired the development rights for the prestigious Silver Oak complex located on Bhulabhai Desai Road, commonly known as Warden Road, in south Mumbai. This 4.3-acre land parcel, owned by the Sorabji Kanga Charity Trust, is set for redevelopment, marking a potential transformation of one of the city's last verdant areas with old-world bungalows.
Historic Significance and Current Status
The Silver Oak complex is renowned for its cluster of Mangalore-tiled bungalows, some dating back decades, and is home to notable figures, including Nationalist Congress Party (NCP) leader Sharad Pawar, who resides in one of the bungalows. According to neighborhood residents, the area retains a charm with giant banyan and peepul trees, wide roads, and servant quarters, evoking a bygone era of Mumbai's architectural heritage.
Key details of the property include:
- The trust purchased the land in 1942, and it currently houses six bungalows and other structures occupied by tenants and lessees.
- Bungalow No. 2, where the Pawar family stays, is registered under Nishant Finance and Trading Company, with Sadanand Bhalchandra Sule, Pawar's son-in-law, serving as director.
- The complex also features a tower named Palacimo, which is excluded from the development agreement between the trust and Lodha Developers.
Financial Motivations Behind the Redevelopment
The Sorabji Kanga Charity Trust, originally established for the Parsi community but now a cosmopolitan entity, has faced financial challenges in recent years. In a statement, the trust highlighted that its income has been insufficient to cover routine expenses and support charitable activities aligned with its objectives. To raise funds, the trust decided to sell development rights for its properties.
"The trust has been facing a financial crunch for the last several years, and the income is barely sufficient to meet routine expenses. It is thus unable to undertake charitable activities in consonance with its objects. In order to raise funds, the only source available to the trust is the sale of development rights in respect of its properties," the trust explained.
Deal Details and Future Plans
Last year, the trust invited bids for the sale of development rights, leading to an agreement with Lodha Developers. The developer deposited Rs 125 crore as security, and in October, the charity commissioner's office approved the sale. According to the agreement, the trust will receive 42.5% of the gross revenue from the development of the free sale project, along with a building offering approximately 54,000 square feet of carpet area.
A Lodha spokesperson confirmed the deal but noted that specific redevelopment plans have not been finalized yet. "Currently, plans have not been firmed up on how to redevelop this property," the spokesperson stated, indicating that further details will emerge as the project progresses.
Cultural and Political Legacy
The Silver Oak complex holds cultural and political significance, with memories of high-profile events. Residents recall that former U.S. President Bill Clinton attended a lavish brunch hosted by Sharad Pawar in the garden of the complex during a visit to Mumbai after his term in office. This anecdote underscores the property's role as a hub for old-world politicians and social gatherings.
As redevelopment looms, the future of this historic site remains a topic of interest, balancing preservation of its heritage with modern urban development needs.
