Adani Group Buys 1.1-Acre Plot in Mumbai’s Carmichael Road for ₹170 Crore

The Adani Group has purchased a valuable 1.1-acre plot in the upscale Carmichael Road area of South Mumbai for over ₹170 crore. The deal, completed through its subsidiary Mah-Hill Properties on March 27, 2025, also included a stamp duty payment of ₹10.46 crore, according to property records accessed by CRE Matrix.

Property Details and Historical Significance

The acquired land, one of the few remaining freehold plots in the Malabar Hill area, currently houses a 2,760 sq ft residential cottage. The property belonged to Behram Nowrosji Gamadia, whose family had owned it since the early 20th century. Originally designated as a children’s park under the 1991 Development Plan, the land’s classification was later changed by the Brihanmumbai Municipal Corporation (BMC) under Development Plan 2034, making it available for residential use.

Strategic Location and Investment Potential

Carmichael Road is known for its luxurious residences and proximity to key business districts, making it a sought-after address for high-end real estate investments. The exact purpose of Adani Group’s acquisition is yet to be revealed, but given the exclusivity of the location, the plot holds significant development potential.

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Luxury Real Estate Transactions in the Area

South Mumbai’s luxury real estate market has seen several high-value transactions in recent years:

• October 2024: KKR India CEO Gaurav Trehan purchased a sea-view luxury apartment in the Morena House project on Carmichael Road for ₹88 crore. The 5,381 sq ft apartment was priced at ₹1.63 lakh per sq ft, making it one of the most expensive property deals in the country.

• June 2024: Nadir Godrej of Godrej Industries bought 3 luxury apartments in Ruparel House, Malabar Hill, for ₹180 crore.

• April 2024: Macrotech Developers (Lodha Group) sold 2 luxury apartments in Lodha Malabar on Walkeshwar Road, Malabar Hill, to Anil Gupta, chairman and MD of Wellknown Polyesters Ltd, for ₹270 crore.

Conclusion

The Adani Group’s latest acquisition adds to the growing demand for prime real estate in South Mumbai. With property values in the area consistently rising, this purchase further highlights Carmichael Road’s appeal as one of India’s most prestigious residential locations.

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