Mumbai, Feb. 24 -- As ageing buildings across the city undergo redevelopment, the area around the heritage Banganga Tank precinct in Walkeshwar is set to follow suit. Nearly two dozen residential buildings in this prime South Mumbai neighbourhood are likely to be redeveloped soon. Walkeshwar is both a high-profile and sensitive area, with Raj Bhavan at one end, Banganga Tank close by, and the Arabian Sea flanking it on two sides. To assuage the concerns of those worried that the redevelopment may impact the heritage tank, Karan Shah, partner at Palash PMC, the consultants appointed to plan the revamp of the upscale locality, said, "Nowhere is Banganga Tank or its precinct getting affected." However, residents of Banganga Cross Lane do want to upgrade their homes into modern apartments. One resident, requesting anonymity, supported the redevelopment proposal but said they prefer a cautious approach. While there are no commercial occupants in the area, more than 300 families live across 23 plots along the ridge and would be part of the redevelopment. The total land area of the 23 plots is slightly over 8,000 sq m, prompting planners to opt for a cluster redevelopment scheme. Residents have set strict eligibility criteria for developers who they will accept for the project. They will only consider listed developers with a net worth of at least Rs.1,000 crore or those who have completed projects spanning a minimum of 4,000 sq.m with a gross sales value of Rs.500 crore. As a result, several well-known real estate players may not meet the eligibility norms. A report by a real estate research and rating company says this area has nearly a dozen ongoing projects scheduled for completion by the end of 2025, all of them involving ultra luxury apartments....