India, Sept. 18 -- The agreement to redevelop Kamathipura was signed on Thursday, unlocking 34 acres of prime real estate for developers while signalling the end of one of Mumbai's most storied neighbourhoods.

The agreement, between the Maharashtra Housing and Area Development Authority (MHADA) and a consortium of developers comprising Bhagirathi Housing Pvt Ltd and Maathi Developers Pvt Ltd, sets in motion the redevelopment of the precinct under the cluster redevelopment model. MHADA sources said work is scheduled to begin in a couple of months during the auspicious occasion of Diwali.

MHADA vice-president and chief executive officer Sanjeev Jaiswal said on Thursday, "The safety, dignity and modern quality of life of citizens are at th...