Manipal Health Enterprises Acquires Strategic Hospital Land in Mumbai’s Andheri

Manipal Health Enterprises, a leading healthcare provider backed by Temasek and TPG, has completed the acquisition of a 752 sq m land parcel with a hospital building in Mumbai’s Andheri for ₹495 crore. This transaction marks the second leg of a broader ₹908 crore deal, following an earlier ₹415 crore acquisition of a part of the same site two years ago, as documented by CRE Matrix.

The deal, which underscores the robust investor interest in healthcare real estate in major Indian cities, includes a plot of 752.77 sq m along with a constructed hospital building that has a built-up area of 20,663.80 sq m. The transaction was registered on May 6, 2026, with a stamp duty payment of ₹29.22 crore, as per the documents.

The sellers in this transaction are Khubchandani Hospitals Private Limited, Khubchandani Properties and Investment Private Limited, and Perfect Realty Private Limited. Attempts to reach out to these entities and Manipal Health Enterprises for comments were unsuccessful.

According to CRE Matrix, the primary hospital land parcel, comprising most of the 10,590 sq m area, along with the main hospital building, had already been sold to Manipal Health Enterprises in an earlier transaction in 2024 for ₹413 crore. The latest deed completes the overall transaction by transferring the remaining portions left out in the earlier deal.

In October 2024, Manipal Hospitals, a Bengaluru-based healthcare provider supported by Singapore's Temasek Holdings, bought a part of the hospital property in Mumbai’s Andheri for ₹415 crore, as per documents accessed by Propstack. The purchased hospital land covered an area of 10,590 sq m. The hospital was developed on a land parcel spanning almost 2.61 acres and encompassing 20,851.65 sq m (built-up area). The documents showed that 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.

In September 2023, Manipal Hospitals acquired an 84 per cent stake in the Emami Group’s AMRI Hospitals Ltd. The Emami Group now owns a 15 per cent stake in AMRI, according to media reports. In the same year, Singapore’s sovereign wealth fund Temasek Holdings bought a majority stake in Manipal Hospitals for $2 billion.

The acquisition of healthcare real estate in strategic locations like Andheri is part of Manipal Health Enterprises' broader strategy to expand its footprint and enhance its healthcare services in key metropolitan areas. This move is expected to bolster the company's presence in Mumbai and contribute to its long-term growth plans.

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, as per an analysis by Anarock Research.

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. This trend highlights the growing importance of healthcare and real estate investments in key urban centers, driven by the increasing demand for quality healthcare services and infrastructure.