Rs 423.38 Cr Mumbai Land Deal: Landmark & Sobha Ltd’s Big Development Plans
In a significant real estate transaction, Landmark Developers and Sobha Ltd have jointly acquired a prime 2.11-acre land parcel located on Jerbai Wadia Road, Parel, Mumbai, for a total consideration of Rs 423.38 crore. The deal, officially registered on January 23, 2025, marks a strategic move in the redevelopment and expansion of premium residential and commercial spaces in the sought-after central Mumbai locality. The transaction details have been sourced from CRE Matrix, a real estate data analytics firm.
Financial Details of the Transaction
As per property registration documents, the total agreement value for the land stands at Rs 2,12,05,58,000, with a stamp duty payment amounting to Rs 10.60 crore. The acquisition was executed in partnership, with both developers securing distinct shares in the project’s free-sale component.
- Landmark Developers: Acquired 10,953 sq. mtr of the free-sale component, valued at Rs 212.05 crore.
- Sobha Ltd: Secured 21,621.24 sq. mtr, amounting to Rs 211.32 crore.
Impact on Mumbai’s Real Estate Landscape
Parel, a rapidly evolving real estate hub in Mumbai, has witnessed a surge in high-end developments, making it a lucrative destination for premium residential and commercial projects. This acquisition aligns with the growing demand for luxury living and sophisticated commercial spaces in the city’s prime locations.
The joint venture between Landmark Developers and Sobha Ltd is expected to contribute significantly to the redevelopment efforts in central Mumbai, bringing in cutting-edge infrastructure and modern urban living spaces. With their combined expertise, both developers aim to create a landmark project that enhances the overall appeal of the region.
Future Prospects
The deal underscores the continued investor confidence in Mumbai’s real estate market, especially in high-value locations like Parel. With infrastructure upgrades and redevelopment initiatives gaining momentum, the acquisition is poised to set new benchmarks in urban development.
As Landmark Developers and Sobha Ltd move forward with their plans, industry experts anticipate the launch of a high-value project that will cater to the growing demand for upscale residential and commercial spaces in Mumbai’s prime districts .For hassle-free rental solutions in Mumbai, visit EazeMyRent.
