Landmark Developers and Sobha Ltd Jointly Acquire 2.11-Acre Land in Parel, Mumbai, for ₹423.38 Crore
Landmark Developers and Sobha Ltd have jointly acquired a 2.11-acre land parcel at Jerbai Wadia Road, Parel, Mumbai, for Rs 423.38 crore. The transaction, registered on January 23, 2025, is expected to contribute to the redevelopment and expansion of residential and commercial spaces in central Mumbai. The data was sourced from CRE Matrix, a real estate data analytics firm.
According to property registration documents, the agreement value for the land stands at Rs 2,12,05,58,000. A stamp duty payment of Rs 10.60 crore was made for the transaction. The sale was executed as a partnership, with both developers securing distinct shares in the project's free-sale component.
Landmark Developers has acquired 10,953 square meters of the free-sale component, valued at Rs 212.05 crore, while Sobha Ltd has secured 21,621.24 square meters for Rs 211.32 crore. This acquisition aligns with the growing trend of real estate developers investing in centrally located land parcels in Mumbai for premium residential and commercial projects.
Parel has been a key location for redevelopment projects, given its proximity to business districts and connectivity to various parts of Mumbai. The area has witnessed significant interest from developers due to the availability of land through redevelopment initiatives. With increasing demand for premium housing and commercial spaces, developers continue to invest in such locations to cater to urban housing needs and office space requirements.
In recent years, Mumbai's real estate market has seen a steady rise in land transactions, particularly in the redevelopment segment. The latest acquisition follows a trend where developers seek land parcels in established neighborhoods to leverage existing infrastructure and connectivity. The transaction highlights the strategic importance of Parel in Mumbai’s real estate landscape, as developers continue to target high-potential locations for new projects.
The Mumbai Metropolitan Region (MMR) remains a focal point for real estate investment. In 2024 alone, 34,620 housing units were launched in MMR, indicating continued developer interest in the region. The acquisition by Landmark Developers and Sobha Ltd adds to this momentum, reflecting the confidence of developers in Mumbai’s real estate sector.
The transaction also underscores the role of partnerships in large-scale real estate acquisitions. By collaborating, developers can optimize land use, share financial commitments, and accelerate project execution. Given the current market trends, similar acquisitions are expected as developers look for prime locations to enhance their portfolios.
With this acquisition, both Landmark Developers and Sobha Ltd are expected to plan a project that aligns with market demand, catering to the needs of buyers seeking premium housing and commercial spaces in Mumbai’s central district.
