In a significant real estate transaction, Landmark Developers and Sobha Ltd have jointly acquired a 2.11-acre land parcel located at Jerbai Wadia Road, Parel, Mumbai, for Rs 423.38 crore. The deal, officially registered on January 23, 2025, marks an important milestone in the redevelopment and expansion of premium residential and commercial spaces in one of the most sought-after areas in central Mumbai. The deal is expected to transform the real estate landscape of the locality, further elevating the region’s value.
Deal Breakdown and Financial Details
According to property registration documents, the total agreement value for the land stands at Rs 2,12,05,58,000, with a stamp duty of Rs 10.60 crore. The transaction was executed in partnership between the two developers, who each secured distinct shares in the free-sale component of the project.
Developers’ Contributions
Landmark Developers has secured 10,953 sq. mtr of the free-sale component, valued at Rs 212.05 crore. Meanwhile, Sobha Ltd has acquired 21,621.24 sq. mtr, amounting to Rs 211.32 crore. This acquisition signals both companies’ commitment to expanding their presence in Mumbai’s premium real estate market, capitalizing on the city’s ongoing development and demand for high-end residential and commercial properties.
Looking Ahead
The acquisition is a strategic move for both developers, who are set to contribute to the ongoing growth and redevelopment of central Mumbai, with plans to develop cutting-edge residential and commercial spaces. This partnership is expected to bring a transformative impact to the local real estate market, meeting the increasing demand for luxury properties in Mumbai’s prime locations.
