MUMBAI, March 22 -- A slice of Mumbai's architectural history is set to disappear from Malabar Hill, as Malabar Court, an over 70-year-old Art Deco residential building with links to the family of Jewish merchant and philanthropist David Sassoon, is slated for redevelopment into a 22-storey boutique luxury tower, with select elements of its Art Deco design expected to be preserved. JSW Realty, part of the JSW Group, has signed a development agreement with the Patel family, the current owners of the property, to redevelop the building with an estimated revenue of more than Rs.2,000 crore. The existing structure is expected to be vacated by January 31, 2027, with demolition to follow soon after. The project is expected to be completed by February 28, 2031, with a six-month grace period. While the structure will give way to a new high-rise, features such as the lift cabin, iron gates, wooden banisters and windows are likely to be salvaged and retained by the owners. Spread across 3,260.89 sq metres (0.80 acre), Malabar Court has evolved through multiple ownerships since the 19th century, eventually being acquired by the Patel family in March 1952 from Selina Sophia Sassoon, family member of David Sassoon. The Patel family continues to own the land and will retain ownership even after redevelopment, a relatively uncommon arrangement in Mumbai's luxury redevelopment projects. JSW Realty, through its arm M House Pvt Ltd, signed the development agreement with the Patel family on March 18 after months of negotiations and title due diligence that began in September 2025. Under the agreement, the developer will pay Rs.200 crore in three tranches, apart from allocating apartments, parking spaces, a Rs.1 crore corpus per unit and advance maintenance for three years. The existing building houses nine units, including residences of the Patel family and five licensees such as financial and advisory firms. The redevelopment will replace the current low-rise structure, comprising a basement, stilt, ground floor, four upper floors and terraces, with a 22-storey boutique luxury tower. The project will feature single-floor residences, duplexes and a penthouse, along with amenities such as a business lounge, gymnasium, swimming pool, spa, landscaped decks and 53 parking spaces. The project draws from its Art Deco legacy while adopting a contemporary design approach, JSW Realty's announcement read. In it, Chief Executive Officer Sujal Shroff said, "Malabar Court is envisioned as a rare offering shaped by continuity rather than reinvention. With Malabar Court, we strengthen our commitment to developments that honour the legacy of the neighbourhood while delivering enduring institutional value." This is JSW Realty's third project in this area, the other two being Ruparel House and St Elizabeth's Hospital....