Mumbai: The acquisition of Florencia at the foothills of Pali Hill takes Paradigm Realty’s estimated development potential across its three Bandra projects to approximately US $125 million.
Paradigm Realty has acquired Florencia, a 30-year-old residential building at the foothills of Pali Hill in Bandra, Mumbai, marking its third project in the neighbourhood under the developer’s ultra-luxury Paradigm Marquis Collection. The acquisition strengthens its presence across the Bandra-Khar-Santacruz belt, building on its existing projects, Paradigm Superstar and Paradigm Green Acrres.
Spread across approximately 1,300 sq. m, Florencia has an estimated Gross Development Value (GDV) of approximately ₹350 crore, with an investment of approximately ₹80 crore. The project adds to the developer’s portfolio in a market that has become a key focus of its broader strategy across Mumbai’s Worli-to-Juhu corridor.
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Paradigm Realty’s earlier developments have helped establish its presence in Bandra’s premium residential segment. Paradigm Superstar has emerged as a signature ultra-luxury address in the neighbourhood, while Paradigm Green Acrres at Pali Hill offers a low-density residential format. Florencia will expand this portfolio, with the developer planning another project tailored to the location’s residential character.
“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.
The proposed Florencia development will follow the design philosophy of the Marquis Collection while reflecting its setting at Pali Hill. Current plans envisage a building approximately 70 m tall, with 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.
The current design plans provide for approximately 15 to 20 sale residences, comprising 3 BHK and larger configurations, alongside approximately 11 rehabilitation residences measuring around 1,800 sq. ft. each. The layouts remain at the design stage, with two apartments planned per residential floor. The planning approach is expected to prioritise spacious interiors, open views, cross ventilation and privacy. Details of the amenities, specifications and final architectural design are expected to be announced closer to launch.
Florencia’s location forms a central part of the development’s positioning. Situated at the foothills of Pali Hill, the project will be in one of Mumbai’s established residential neighbourhoods, with access to transport links, social infrastructure and a lifestyle ecosystem that includes independent cafés, restaurants, entertainment venues and some of the city’s sought-after dining destinations.
The existing Florencia building 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 executing the Development Agreement are currently underway.
With Florencia added to its portfolio, Paradigm Realty’s three Bandra developments—Florencia, Paradigm Superstar and Paradigm Green Acrres—have a combined estimated development potential of approximately US $125 million. Florencia accounts for an estimated development value of approximately ₹350 crore, while Paradigm Superstar and Paradigm Green Acrres together have a total estimated development value of ₹850 crore.
The acquisition forms part of Paradigm Realty’s wider strategy to deepen its presence in established residential markets across Mumbai’s western suburbs. Bandra, Khar and Santacruz remain key focus areas, alongside the company’s broader development activity across the Western and Central suburbs.
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Florencia is scheduled for launch within the current year, with construction commencement expected in FY 2026-27 and completion targeted within approximately 36 months of commencement. The project adds to the developer’s concentrated portfolio in Bandra, extending its Marquis Collection and reinforcing its focus on the luxury residential segment across one of Mumbai’s established residential corridors.
