Sri Lotus Developers and Realty Ltd, a Mumbai-based real estate development firm, is set to launch an Initial Public Offering (IPO) next week to raise ₹792 crore. The company is backed by high-profile investors, including the Shah Rukh Khan Family Trust, Amitabh Bachchan, actor Hrithik Roshan, and prominent investor Ashish Kacholia. The IPO proceeds will be deployed toward three key residential redevelopment projects currently underway in Mumbai.
The company has gradually built a presence in prime localities such as Andheri, Juhu, Bandra, and South Mumbai, with a core focus on residential redevelopment and luxury housing. Its upcoming expansion will target premium micro-markets in South and Central Mumbai—specifically Nepean Sea Road and Prabhadevi, as well as Ghatkopar in the eastern suburbs.
As of June 30, 2025, Sri Lotus Developers had delivered 0.93 million square feet of developable area across residential and commercial categories. The company currently has five ongoing projects and 11 planned future developments. This includes a significant redevelopment mandate for Shree Amrit Society in Bandra’s Carter Road area—a housing society where Shah Rukh Khan owns a sea-facing apartment.
The total planned pipeline exceeds 1.8 million sq ft. The company has completed four projects so far and is actively engaged in expanding its portfolio with new approvals and joint redevelopment agreements.
The developer has indicated that its future product strategy will remain firmly within the premium and ultra-luxury category. According to its Chairman and Managing Director Anand Pandit, the firm will focus on apartments priced between ₹10 crore and ₹50 crore. This includes larger units in the 3BHK, 4BHK, and penthouse formats. Its existing portfolio includes 2BHK and 3BHK flats in the ₹3 crore to ₹7 crore range.
Mr. Pandit clarified that the company has no significant debt and that the IPO is intended to enhance brand equity and fund redevelopment-based luxury offerings rather than service liabilities. He stated that being a listed entity would improve visibility and help attract institutional capital for future joint ventures and project acquisitions in land-constrained localities of Mumbai.
In December 2024, the company had raised ₹400 crore through a private placement of 26.61 million shares at ₹150 each. Among those who participated in the placement round were Amitabh Bachchan, who picked up approximately 6.7 lakh shares for ₹10 crore, and the Shah Rukh Khan Family Trust, which acquired 6.75 lakh shares for ₹10.1 crore.
Actor Hrithik Roshan and investor Ashish Kacholia were also part of the funding round, although specific allocations to them were not publicly disclosed. The inclusion of these celebrity and market-linked investors has drawn attention to the company’s upcoming IPO and the projects it is targeting for redevelopment.
Mumbai’s real estate landscape is increasingly shaped by the redevelopment of aging housing societies in well-connected areas. With land parcels for greenfield development limited in the city’s western and southern regions, builders have focused on society redevelopment as a means to enter premium sub-markets.
Sri Lotus Developers is positioning itself as a specialist in this segment, leveraging local stakeholder engagement, capital availability, and timely project execution. The company’s recent appointment by Shree Amrit Society is an example of its expanding footprint in the redevelopment space.
This particular society holds historical relevance due to Shah Rukh Khan’s early ownership of a sea-facing unit in the building. The apartment is no longer occupied by Khan, but the structure’s sentimental value has been acknowledged in media discussions surrounding the redevelopment assignment.
With the IPO scheduled for the last week of July or early August, Sri Lotus Developers is expected to offer both fresh equity and an offer-for-sale component, though detailed terms have yet to be disclosed. Market observers believe that the IPO’s size and timing align with a broader trend of real estate firms seeking listings to tap into institutional funding cycles and the post-pandemic demand for premium housing in metro cities.
The company’s current financials and upcoming project mix will be detailed in its Draft Red Herring Prospectus (DRHP), which has already received approval from SEBI earlier this year. The IPO will be managed by a consortium of investment bankers, with allocations expected to favor qualified institutional buyers and high-net-worth individuals.
With an established presence in redevelopment and luxury housing, combined with high-profile backing, Sri Lotus Developers is aiming to position itself as a key player in Mumbai’s premium real estate segment.
Image source- freepik.com
