Valor Estate, Adani set to deliver long-awaited landmark BKC project in June
- After nearly 15 years of development and several setbacks, Valor Estate and Adani GoodHomes are looking to complete Ten BKC, a major redevelopment project near Mumbai's Bandra Kurla Complex.
Valor Estate Ltd, formerly known as DB Realty, is set to complete Ten BKC, a sprawling five-acre redevelopment project, near Mumbai's Bandra Kurla Complex (BKC), one of the city’s prime corporate districts. Developed in a joint venture with Adani GoodHomes Private Ltd, the project is expected to be completed by June.
Originally initiated by Valor and Radius Estates, the project has undergone nearly 15 years of development setbacks. It was revitalized after Adani GoodHomes joined in late 2021.
Branded as Adani Ten BKC, the development is one of the largest residential projects in Bandra East. It features 15 towers, each rising 22 to 29 stories, spread across three distinct zones. Apartment sizes range from 1 BHK to 5 BHK, according to documents filed with the Real Estate Regulatory Authority (RERA) and Valor’s 2022-23 annual report.
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The gross development value (GDV) of the project is pegged at ₹4,544 crore, with Valor holding a 50% economic stake, as per its September quarter analyst presentation.
“We currently have one redevelopment project, XBKC, at MIG Colony, Bandra East, which is progressing with Adani and will be completed by June this year,” said Vinod Goenka, chairman and managing director of Valor Estate.
Originally a joint venture between MIG (Bandra) Realtors & Builders Pvt Ltd, a Valor Estate subsidiary, and Radius Estates & Developers Pvt Ltd, the project was later taken over by Adani after its acquisition of Radius in a bankruptcy deal.
Valor had entered into a development agreement with the MIG Co-operative Housing Society in October 2010. Five years later, the company partnered with Radius Estates to construct the residential flats. However, Radius, led by Sanjay Chhabria, failed to deliver on the project, defaulting on loans and ultimately facing insolvency.
Following this, the committee of creditors and the National Company Law Tribunal (NCLT) approved Adani GoodHomes’ bid. Adani is overseeing the project’s construction and implementation, according to Valor’s annual report.
Bold bet on redevelopment
Valor Estates is betting heavily on redevelopment opportunities across prime locations in Mumbai—whether slums, co-operative societies, or MHADA (Maharashtra Housing and Area Development Authority) properties. This shift in strategy is part of the company’s broader effort to revive its legacy and strengthen its position in Mumbai’s real estate market.
“We are very good at acquiring land for redevelopment, whether it’s slums, societies, or old MHADA buildings,” Goenka remarked. “We’re not keen on bidding for vacant lands. We’d rather work on complex deals where we can leverage our expertise.”
Goenka added, “We have a couple more society redevelopment projects on the verge of being finalized.”
Valor was one of the first developers in Mumbai to take on slum redevelopment projects, beginning in 1995. The company has since built a reputation for tackling such projects, with its first major efforts resuming in 2007. Slum redevelopment has since become Valor's go-to model, with over 1 million square feet delivered in this space.
“We’ve delivered 1 million square feet in this space, and we will continue to look at more slums, redevelopment of societies, etc.,” Goenka said.
While other developers entered the slum rehabilitation space alongside Valor, only a few have managed to survive and master the complexities involved. Several marquee names, including Housing Development and Infrastructure Ltd (HDIL), Orbit Group, and Omkar Realtors & Developers Pvt Ltd, have faltered in this niche market.
Project pipeline
Valor’s project pipeline is growing rapidly. The company is preparing for a landmark mixed-use development in Lonavala, spanning an estimated 400 to 500 acres. Valor current owns nearly 250 acres of the land. This project will be developed in partnership with another developer.
In addition, Valor has a notable land deal at Mira Road, where it leased nearly 187 acres to the Brihanmumbai Municipal Corporation (BMC) for ₹248 crore per annum over the next five years, according to a BSE filing. Sources tell Mint that BMC has opted out of the lease, which will likely be reassigned directly to its contractors.
Valor’s real estate business currently includes two ongoing projects, seven upcoming ones, and five future developments in the pipeline. Collectively, these projects have an estimated revenue potential of ₹28,891 crore, which the company expects to realize over the next 5 to 8 years. With a vast land bank of approximately 513 acres, Valor is well-positioned for long-term growth.
As part of its strategy for revival, Valor plans to continue pursuing joint ventures for its real estate projects in the short term. Goenka anticipates that standalone projects will become part of the company’s strategy in a couple of years, starting with co-branding initiatives.
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