Mumbai, the financial capital of India, continues to uphold its reputation as the costliest and most land-starved real estate market. Despite the challenges, 2024 witnessed five monumental land deals collectively worth over ₹2,500 crore. These transactions highlight the growing confidence and investment in Mumbai's prime real estate. Let’s dive into the details of these landmark deals.
In September 2024, Century Textiles and Industries Limited (CTIL) announced the acquisition of a 10-acre leasehold land parcel in Mumbai’s prime Worli locality from Nusli Wadia for ₹1100 crore. This acquisition is being developed through Birla Estates Pvt Ltd, a wholly-owned subsidiary of CTIL.
Worli’s prominence in Mumbai’s luxury real estate market offers a lucrative opportunity, with CTIL estimating a revenue potential of ₹14,000 crore from the project. The deal underscores the bullish trend in luxury residential development in the city.
Runwal Developers Private Limited finalised the acquisition of Kansai Nerolac Paints’ land parcel in Lower Parel for ₹726 crore in October 2024. The site, strategically located in one of Mumbai’s thriving real estate hubs, is slated for the development of a luxury residential project. The project is expected to generate a revenue potential of approximately ₹8,000 crore, adding significant value to Runwal Developers' portfolio.
In November 2024, Shapoorji Pallonji Group sold a 19,589.22 sq ft land parcel in Juhu to Agarwal Holdings Private Limited for ₹455 crore. Juhu, known for its upscale locality and celebrity residences, remains a coveted area for real estate development. The transaction highlights the premium valuation of land in Mumbai’s elite neighbourhoods.
Automobile giant Mahindra and Mahindra Limited sold a 20.5-acre land parcel in Kandivali to Pune-based Rucha Group’s Blueprintify Properties Pvt Ltd for ₹210 crore. The deal, registered in July 2024, signals Kandivali’s rising potential as a real estate hotspot. The area’s connectivity and affordability make it an attractive destination for residential and commercial projects.
Equinix India, a leading data center firm, acquired a 5,597 sq m (1.38 acres) land parcel in Chandivali for ₹155 crore in November 2024. The site includes a building with a built-up area of 5,386 sq m. This acquisition aims to bolster Equinix’s data center infrastructure in Mumbai, reflecting the growing demand for data center facilities in India’s digital economy.
The momentum of land deals isn’t confined to Mumbai. According to a report by CRE Matrix, over 100 land transactions spanning approximately 1,700 acres were completed across six major Indian cities between January and September 2024. This marks a 65% year-on-year increase compared to the same period in 2023, demonstrating a robust growth trajectory in the country’s real estate sector.
Mumbai’s top land deals in 2024 exemplify the city’s enduring appeal as a real estate investment hub. From luxury residential projects in Worli and Lower Parel to the burgeoning potential of Kandivali and Chandivali, these transactions reflect diverse opportunities for developers and investors. As India’s economic landscape evolves, Mumbai’s real estate market continues to lead the charge with strategic, high-value investments.
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