India, Aug. 5 -- Ridge Apartment, a 53-year-old residential building in Malabar Hill, is set to be redeveloped into a high-rise, becoming the latest housing society in the upscale neighbourhood to undergo a makeover.

On July 29, the nine-storey Ridge Apartment, also known as New Ridge Apartment, located opposite the state government's Sahyadri Guest House, signed a development agreement with Oberoi Realty for the redevelopment of the 27-flat building. The agreement was registered on July 30.

The housing society, built in 1972 on a 2,400 sq m plot, began the redevelopment process in November 2023 by passing a resolution at a special general body meeting and appointing a consultant, according to the development agreement sourced from Prop...