Lodha Developers Secures Prime 4.3-Acre Malabar Hill Land in Mumbai

Mumbai, Feb 27: Realty major Macrotech Developers Limited, formerly Lodha Developers Ltd, has secured the development rights for a sprawling 17,403.20 sq m (4.3 acres) land parcel in Mumbai’s upscale Malabar and Cumballa Hill division. This acquisition marks a significant redevelopment move in south Mumbai’s Malabar Hill precinct, one of the city’s highest-value real estate micro-markets.

The transaction, executed on January 7 between the Sorabji Kanga Charity Trust and Lodha Developers Ltd, was valued at Rs 106.12 crore. However, the market valuation for stamp duty purposes was set at Rs 621.71 crore, with a stamp duty of Rs 37.42 crore paid on the deal.

The land parcel includes existing structures such as a chawl, a building known as Palacimo, and six bungalows. Notably, the site houses 43 tenants in the chawl and includes ‘Silver Oak’, the residence associated with NCP(SP) chief Sharad Pawar.

Under the redevelopment framework, the trust is entitled to receive 5,017 sq m of RERA carpet area, along with 150 car parking spaces and a 42.5% share in the development component. The adjudication order states that the assistant town planner assessed the developer’s share at Rs 621.70 crore, higher than the owner’s valuation, and fixed it as the market value for stamp duty. This computation included a Rs 40 crore bank guarantee under Article 25B of the Maharashtra Stamp Act.

Documents also reveal that 5,199.55 sq m of Palacimo Co-operative Housing Society land is excluded from development, while 38,990.48 sq m is proposed to be handed over to MHADA. A bank guarantee of Rs 40 crore and a security deposit of Rs 125 crore are part of the development terms.

Despite an email query sent to its external PR agency, Lodha Developers remained unavailable for comment on the acquisition.

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