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 2.11-acre land parcel at Jerbai Wadia Road, Parel, Mumbai for ₹423.38 crore. This deal, registered on January 23, 2025, marks a key step in the redevelopment of t
Real EstateParelLandmark DevelopersSobha LtdRedevelopmentReal Estate MaharashtraFeb 11, 2025
The deal, registered on January 23, 2025, is a major step in the redevelopment and expansion of premium residential and commercial spaces in this 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 acquisition is expected to contribute significantly to the area’s high-end real estate development, potentially offering luxury housing, retail spaces, and commercial offices.
Parel is rapidly emerging as a premium residential and commercial hub, and this acquisition by 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 the 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.
Landmark Developers, known for their innovative and sustainable real estate projects, has a strong presence in various Indian cities.
Sobha Ltd, a leading real estate developer, has a robust portfolio of residential and commercial projects, making this collaboration a powerful force in the real estate sector.
This acquisition is not only a testament to the developers' confidence in the market but also a significant boost to the local economy, promising to bring in substantial investments and create numerous job opportunities.
The project is expected to attract both local and international investors, further enhancing the area’s appeal as a prime real estate destination.
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.
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?
This acquisition is expected to contribute to the area’s high-end real estate development, potentially offering luxury housing, retail spaces, and commercial offices, and further strengthening the ongoing transformation of Mumbai’s real estate market.
When was the deal registered?
The deal was registered on January 23, 2025.
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