Paradigm Realty has acquired Florencia, a 30-year-old residential building located at the foothills of Pali Hill in Bandra, further expanding its ultra-luxury residential portfolio in Mumbai.

The acquisition marks Paradigm Realty’s third project in the neighbourhood under its Marquis Collection, following Paradigm Superstar and Paradigm Green Acrres. The addition further strengthens the developer’s presence across the Bandra-Khar-Santacruz belt.

Spread across approximately 1,300 sq m, Florencia has an estimated Gross Development Value (GDV) of around Rs 3.5 billion, with an investment of approximately Rs 800 million.

The acquisition adds to Paradigm Realty’s presence in Bandra, which forms part of its wider strategy across the Worli-to-Juhu corridor. The company’s growing portfolio in the area follows the response to Paradigm Superstar and Paradigm Green Acrres.

Paradigm Superstar has been positioned as an ultra-luxury residential development in Bandra, while Green Acrres at Pali Hill follows a low-density residential format. Together, the projects have provided the foundation for Paradigm Realty’s next phase of expansion in the micro-market.

“Bandra has been an important market for us, and the response to Superstar and Green Acrres has reinforced our belief in the opportunity here. The acquisition of Florencia allows us to build on that experience while further strengthening our presence in the neighbourhood. Each development has its own character, but the underlying focus remains on creating well-considered residences with an emphasis on space, privacy and design. We see considerable opportunity to continue building our presence across Bandra, Khar and Santacruz,” said Parthh K Mehta, CMD and Founder, Paradigm Realty.

Florencia will follow the design philosophy of the Marquis Collection while being planned around its Pali Hill location. The proposed development is expected to rise to approximately 70 m and comprise two basement levels, a ground level, five podium levels and 15 residential floors.

The completed project is expected to have fewer than 30 residences, maintaining a low-density format.

Current plans envisage approximately 15 to 20 sale residences comprising 3 BHK and larger configurations, along with approximately 11 rehabilitation residences of around 1,800 sq ft each. The layouts are currently at the design stage, with two apartments planned per residential floor.

The planning approach will focus on larger spaces, open views, cross ventilation and privacy. Detailed amenities, specifications and the final architectural design are expected to be announced closer to the project launch.

Located at the foothills of Pali Hill, the project will be positioned within one of Mumbai’s established residential neighbourhoods, with access to connectivity, social infrastructure, restaurants, cafés and entertainment options.

The existing Florencia development comprises a single composite tower with 19 residential units owned by 10 families. Paradigm Realty has been unanimously appointed as the developer, with 100 per cent consent from members recorded before the Sub-Registrar. Formalities for execution of the Development Agreement are currently underway.

With Florencia, Paradigm Realty’s three Bandra developments — Florencia, Paradigm Superstar and Paradigm Green Acrres — represent combined estimated development potential of more than US$125 million.

Florencia accounts for an estimated development value of around Rs 3.5 billion, while Paradigm Superstar and Paradigm Green Acrres together have an estimated development value of Rs 8.5 billion.

The acquisition forms part of Paradigm Realty’s broader strategy to increase its presence across established markets in Mumbai’s western suburbs. Bandra, Khar and Santacruz remain key focus areas alongside its wider activity across the Western and Central suburbs.

Florencia is planned for launch within the current year, with commencement expected in FY2026-27 and completion targeted within approximately 36 months from commencement.