India, Sept. 29 -- A nineteenth-century wadi in south Mumbai is set to make way for a 325-metre luxury residential tower, with Godrej Properties joining Man Infraconstruction Ltd (MICL) and Shreepati Group coming together to revive a redevelopment project that has been stalled for over 15 years.

Zaoba Wadi in Thakurdwar, spread across about 2.5 acres, is home to around 625 tenants who live in traditional chawls and low-rise residential buildings, some of whose units are also used for commercial purposes. Under the redevelopment plan, the tenants are to get flats of about 550 sq ft each, compared with their existing 150-200 sq ft units.

The redevelopment of Zaoba Wadi, which had stalled since the Shreepati Group acquired rights in 2011, ...