Landmark Developers and Sobha Ltd Secure Prime Parel Land for ₹423.38 Crore
In a significant real estate move, Landmark Developers and Sobha Ltd have jointly acquired a premium 2.11-acre land parcel in Parel, Mumbai, for ₹423.38 crore. This strategic acquisition marks a crucial step in the area's ongoing transformation into a hig
Real EstateParelLandmark DevelopersSobha LtdMumbaiReal Estate NewsFeb 12, 2025
The deal, registered on January 23, 2025, marks a key step in the redevelopment and expansion of premium residential and commercial spaces in the prime central Mumbai locality.
According to property registration documents accessed by CRE Matrix, the total agreement value for the land stands at ₹2,12,05,58,000, with a stamp duty payment of ₹10.60 crore.
The sale was executed in partnership, with both developers securing distinct shares in the project’s free-sale component.
Landmark Developers has acquired 10,953 sq.
mtr of the free-sale component, valued at ₹212.05 crore, while Sobha Ltd has secured 21,621.24 sq.
mtr, amounting to ₹211.32 crore.
This strategic partnership is expected to significantly contribute to the area’s high-end real estate development.
Parel is rapidly emerging as a premium residential and commercial hub.
This acquisition is expected to further drive the area's transformation, potentially offering luxury housing, retail spaces, and commercial offices.
The collaboration between Landmark Developers and Sobha Ltd further strengthens the ongoing transformation of Mumbai’s real estate market, especially in the central business districts.
Industry experts believe the deal signifies growing demand for prime land parcels in Mumbai, especially as developers continue to focus on large-scale redevelopment projects to optimize space utilization in the land-scarce city.
The strategic acquisition by these two prominent developers is a clear indication of the robust real estate market in Mumbai and the potential for significant returns on investment in the coming years.
Frequently Asked Questions
What is the total value of the land acquisition?
The total value of the land acquisition is ₹2,12,05,58,000.
Who are the developers involved in this deal?
The developers involved in this deal are Landmark Developers and Sobha Ltd.
What is the size of the land parcel acquired?
The size of the land parcel acquired is 2.11 acres.
Where is the land parcel located?
The land parcel is located at Jerbai Wadia Road, Parel, Mumbai.
What is the expected impact of this acquisition on Parel?
The acquisition is expected to contribute to the area’s high-end real estate development, potentially offering luxury housing, retail spaces, and commercial offices, thereby furthering Parel’s transformation into a premium residential and commercial hub.
Related News Articles
Bollywood Director Sajid Khan Sells Luxury Juhu Apartment for Rs 6.1 Crore
Juhu's upscale lifestyle and prime real estate make it a highly desirable address for celebrities and professionals alike.
BJP's Haryana Victory to Boost Maharashtra Elections: Shiv Sena
Mumbai: The BJP’s victory in Haryana is expected to positively influence the upcoming Maharashtra assembly elections, according to Shiv Sena minister Shambhuraj Desai. The Mahayuti alliance is confident of a win and has completed the groundwork for the po
Mumbai Real Estate Sector Applauds RBI's 6.5% Repo Rate, Eyes Festive Sales Boost
Prashant Sharma, President of NAREDCO Maharashtra, believes the RBI's decision to maintain the repo rate at 6.5% is crucial for the real estate sector, signaling stability in the interest rate environment and supporting housing demand during the festive s
Rajveer Arora: From Orphaned Child to Building India's Next Nightlife and Real Estate Empire
While Rajveer Arora's successes in real estate and hospitality are impressive, his ambitions have only grown. In addition to his recent announcement to expand his empire, he is set to revolutionize the Indian nightlife scene. His journey from being an orp
Is Mumbai's Real Estate Boom on Hold? What the Recent Decline in New Projects Means for Buyers
In the bustling Mumbai Metropolitan Region (MMR), the real estate market has always been a key driver for housing growth. However, the latest quarter has seen a noticeable dip in new projects, raising questions about the future of the market.
How to Download Maharashtra TET 2024 Hall Ticket: Step-by-Step Guide
The Maharashtra Teacher Eligibility Test (Maha TET) Hall Ticket 2024 is anticipated to be released on October 29, 2024, on the official website. This guide provides a step-by-step process to help you download your admit card seamlessly.