Manipal Health Enterprises Acquires Prime Healthcare Real Estate in Mumbai's Andheri

Manipal Health Enterprises, a leading healthcare provider backed by Temasek and TPG, has made a substantial real estate acquisition in Mumbai’s bustling Andheri neighborhood. The company acquired a 752 sq m land parcel, complete with a hospital building, for ₹495 crore. This transaction completes the second phase of a larger ₹908 crore deal, following an earlier acquisition of a part of the same site in 2024 for ₹415 crore, as documented by CRE Matrix.

The recent deal was registered on May 6, 2026, and included a stamp duty payment of ₹29.22 crore. The land parcel comprises a 752.77 sq m plot along with a constructed hospital building that has a built-up area of 20,663.80 sq m. The sellers in this transaction are Khubchandani Hospitals Private Limited, Khubchandani Properties and Investment Private Limited, and Perfect Realty Private Limited.

Manipal Health Enterprises, known for its robust healthcare services and strategic investments, has been actively expanding its footprint in major Indian cities. The acquisition of this prime real estate in Andheri underscores the company's commitment to enhancing its healthcare infrastructure in one of Mumbai’s most populous and economically vibrant areas.

The initial phase of the deal, completed in 2024, involved the acquisition of a 10,590 sq m area, including the main hospital building, for ₹413 crore. The latest acquisition completes the overall transaction by transferring the remaining portions left out in the earlier deal. The hospital, developed on a land parcel spanning almost 2.61 acres, boasts a built-up area of 20,851.65 sq m. The Block A hospital structure includes a basement with 180 enclosed parking spaces and 204 mechanical stack parking spaces, a lower ground floor, a ground floor, and three upper floors.

This acquisition is part of a broader trend of healthcare providers investing in prime real estate in major Indian cities. In September 2023, Manipal Hospitals acquired an 84% stake in the Emami Group’s AMRI Hospitals Ltd, further solidifying its position in the healthcare sector. The Emami Group now holds a 15% stake in AMRI, and in the same year, Singapore’s sovereign wealth fund Temasek Holdings bought a majority stake in Manipal Hospitals for $2 billion.

The healthcare real estate market in India has seen significant activity in recent years. According to Anarock Research, a total of 111 land deals, spanning over 2,994 acres, were concluded across the country for real estate developments in FY2026. Listed developers remained dominant, accounting for 54 deals covering more than 1,433 acres, representing a 49% share of total deals and 48% of the transacted land area.

While overall deal activity declined from 143 transactions in FY2025 to 111 in FY2026, land acquisition by listed players remained resilient. Bengaluru emerged as the top focus market, with 17 deals covering over 293 acres. Pune recorded 8 deals spanning 78 acres, while the Mumbai Metropolitan Region (MMR) recorded 7 deals totaling over 51 acres. Chennai and Hyderabad each saw 5 deals, covering more than 74 acres and around 38 acres, respectively.

In the National Capital Region, activity remained limited, with just two deals in Gurugram for 18.6 acres, while Kolkata recorded a single transaction for 5 acres. These trends highlight the growing importance of strategic real estate acquisitions in the healthcare sector, as providers like Manipal Health Enterprises continue to expand their reach and enhance their service offerings.