Sattva Group Enters Mumbai With ₹5,500 Crore Sumera Redevelopment Project in Parel

Bengaluru-based Sattva Group has entered the Mumbai market with Sattva Sumera, a ₹5,500 crore redevelopment project in Parel and the company’s first residential project in the city, according to reports by Telangana Today and ETRealty in May 2026.

The project covers a two-acre parcel with development potential of over 20 lakh sq ft, the reports said. It will have two high-rise towers of about 200 metres, with the first tower offering around 500 homes, ETRealty reported.

What the project offers

The two-bedroom homes in the first tower measure 760-830 sq ft, while the three-bedroom homes measure 1,100-1,400 sq ft, according to ETRealty. cnbctv18 reported that the project follows an “Urban Forest” concept, with vertical greenery and about 50,000 sq ft of amenity space.

Sattva Group vice-president (strategy) Shivam Agarwal said Mumbai is at a point where redevelopment is improving how people live, and housing demand remains strong in the Mumbai Metropolitan Region, Telangana Today reported. The group says it has delivered 80 million sq ft across India.

cnbctv18 described the launch as a sign of institutional developers entering a segment long dominated by local builders. It said prime land in the island city is nearly exhausted, making ageing buildings in Parel, Lower Parel, Dadar and Worli the main source of new housing. The report cited the Sewri-Worli Connector and metro expansion as factors improving access.

Wider redevelopment push

Sattva is not the only developer from outside Mumbai to enter the market through redevelopment. The Free Press Journal reported in March 2026 that Arvind SmartSpaces signed a ₹300 crore society redevelopment deal in Santacruz West. The Hindustan Times reported in October 2025 that Mahindra Lifespace was chosen for a Malad West redevelopment, citing a Knight Frank India report that projects 44,277 apartments entering Mumbai through redevelopment by 2030.

The Bombay High Court upheld the state’s cluster redevelopment policy for MHADA layouts in Worli and Bandra Reclamation, the Free Press Journal reported in July 2026.

Asking prices in Parel

Asking prices on PropertyWala put apartments for sale in Parel at about ₹34,489 per sq ft (2024 Q4 to 2026 Q3), down 19.5% on the year before.¹ Mumbai averaged ₹24,816 per sq ft, making Parel about 39% dearer than the city.

Apartments account for almost all listings in the locality. Rents were about ₹82 per sq ft, compared with a city average of ₹40. Parel has under-construction and ready projects, while nearby areas such as Sewri and Lower Parel also have listings.

However, Metro Line 11 from Wadala to Gateway of India, which would serve Sewri, still awaits Central government approval nearly a year after state clearance, the Free Press Journal reported in September 2026.

What to watch

The Sumera launch and similar redevelopment projects can be tracked through the Parel page on PropertyWala. Sattva has said it plans to build on its Mumbai presence, according to the May 2026 reports.