Manipal Health Expands Mumbai Footprint with Rs 495 Crore Hospital Acquisition in Andheri

Manipal Health Enterprises, backed by Temasek and TPG, has made a significant move by acquiring a hospital property in Mumbai’s Andheri for Rs 495 crore. This acquisition is part of a larger deal worth Rs 908 crore, solidifying Manipal’s presence in the bustling western suburb of Mumbai. The property includes a land parcel of around 0.19 acres and an operational hospital building spanning nearly 2.22 lakh square feet in Andheri East.

The transaction, concluded on May 6, involved a consortium of sellers including Khubchandani Hospitals, Khubchandani Properties and Investment, and Perfect Realty. The deal attracted a stamp duty payment of Rs 29.22 crore, as per documents reviewed by ET and CRE Matrix, a realty data analytics platform.

This acquisition is the second leg of a larger deal. The primary hospital land parcel, constituting the majority of the 2.62-acre area along with the main hospital building, was sold to Manipal in an earlier transaction in 2024 for Rs 413 crore. The combined value of both transactions totals Rs 908 crore.

The acquisition highlights the ongoing interest among major healthcare operators in strategic hospital assets in key urban centers, particularly Mumbai. The city’s demand for tertiary care infrastructure is on the rise, driven by a growing population and the need for specialized medical facilities. Mumbai has also become a hub for medical tourism, further boosting the demand for high-quality healthcare services.

Healthcare and hospital-focused real estate transactions have gained significant momentum over the past few years. Leading hospital chains are increasingly looking to strengthen their presence in high-density metropolitan markets through acquisitions and long-term expansion strategies. Manipal Health Enterprises, formerly known as Manipal Health Enterprises Pvt Ltd, has been actively expanding its footprint across major Indian cities.

Manipal Hospitals, one of India’s largest healthcare providers, has significantly expanded its nationwide footprint. Following the acquisitions of AMRI Hospitals in September 2023 and Medica in April 2024, the combined network now operates 37 hospitals across 19 cities, with a capacity of more than 10,500 beds and serves over 7 million patients annually.

Mumbai has emerged as a key market for healthcare operators due to the increasing demand for specialized treatment facilities and integrated healthcare campuses. The city has also seen a rise in investor interest in healthcare-linked real estate assets, driven by stable occupancy levels and long-term growth prospects for organized hospital operators.

The latest acquisition by Manipal Health adds to a series of large-value institutional and healthcare property transactions recorded in Mumbai over the past year. This trend reflects the sustained demand for operational assets across sectors, despite the elevated property values in the country’s commercial capital.

The strategic move by Manipal Health Enterprises in acquiring the Andheri hospital property underscores the company’s commitment to enhancing its healthcare services in one of India’s most dynamic urban centers. This acquisition is expected to further solidify Manipal’s position as a leading healthcare provider in Mumbai and beyond.