Mumbai’s luxury real estate market is set for a fresh landmark as listed developer Sri Lotus Developers and Realty Limited prepares to launch a high-end residential project on Carter Road, Bandra, with an estimated topline of ₹1,500–2,000 crore.

The redevelopment of Shree Amrit Society—where Bollywood superstar Shah Rukh Khan owns his first-ever Mumbai apartment—will transform the 1980s-era housing complex into an ultra-luxury address featuring expansive 4 and 5 BHK units.

Spread across a prime one-acre sea-facing plot, “the project is expected to be launched in the first half of FY 2027 and is likely to offer 1.35 lakh sq ft of saleable space, with construction slated to begin once the society is vacated,” said Anand Pandit, Chairman and Managing Director of Sri Lotus Developers and Realty Limited.

The marquee redevelopment not only strengthens Lotus Developers’ presence in the luxury segment but also highlights Carter Road’s enduring appeal among India’s elite.

According to the company, out of the total area that will be constructed for the entire project, existing members will receive approximately 45% of the area as rehab, and the remaining 55% of the carpet area will be available for sale with Lotus Developers.

The company was selected to redevelop the society in June 2025, and each flat owner will receive 155% additional area post-redevelopment.

Shah Rukh Khan is expected to get a 4 BHK apartment of around 2,800 sq ft post the redevelopment. The developer is expected to sell apartments in the building for around ₹1.50 lakh sq ft, sources said.

Shah Rukh Khan purchased the apartment in the Shree Amrit building after his marriage, making it his first property acquisition in Mumbai. As such, it holds significant sentimental value.

According to a tender floated by the society in July 2024, the 4,000 sq metre plot comprises three wings. Built in the 1980s on collector’s leasehold land, the building has long been under consideration for redevelopment, with society members in talks with several developers, including listed firms.

The land parcel is a sea-facing plot spread over an acre on Main Carter Road.

Shree Amrit Housing Society is around 2 km away from Galaxy apartments, where Bollywood actor Salman Khan resides, and around 3 km away from Shah Rukh Khan’s Mannat bungalow at Bandra Bandstand, which has been undergoing repair works for the past three months.

Shah Rukh Khan and his family have temporarily leased two duplex apartments, spanning 10,500 sq ft, in the Puja Casa building in the Pali Hill area of Khar. These flats will serve as his residence during the proposed repair and renovation of his 27,000 sq ft bungalow.