Adani Group has acquired a prime land parcel exceeding 1.1 acres in the exclusive Carmichael Road area of South Mumbai, situated within the Malabar Hill locality, for more than Rs 170 crore.
The land parcel, which is among the rare large freehold plots available in the highly sought-after neighbourhood,currently features an old residential cottage that spans 2,760 square feet. The acquisition was carried out by Mah-Hill Properties, a subsidiary of Adani Group.
According to documents obtained from CRE Matrix, the buyer has paid over Rs 10.46 crore solely for stamp duty related to the registration of the transaction, which occurred on March 27 of last week.
It remains unclear whether the site will be transformed into a high-rise building or a bungalow. The property in question was previously entangled in legal disputes, which have since been resolved through consent terms that were submitted to and approved by the court, thereby facilitating the transaction.
Carmichael Road in Malabar Hill, located in South Mumbai, is recognized as one of the most affluent and exclusive addresses in India, hosting some of the nation’s most prominent industrialists and corporate leaders. Renowned for its opulent residences and historic mansions, this prestigious area is home to numerous business magnates.
This real estate micro-market commands some of the highest property prices in India, driven by its limited availability, stunning views of the Arabian Sea, and close proximity to major financial centers.
