Adani Group buys prime land parcel in SOBO's Carmichael Road

MUMBAI: Adani Group has acquired a prime land parcel spread over more than 1.1 acres in South Mumbai’s ultra-luxury Carmichael Road area, located in the Malabar Hill locality for over Rs 170 crore.

The land parcel, which is among the rare large freehold plots available in the highly sought-after neighbourhood, currently houses an old residential cottage spread over 2,760 sq ft.

The acquisition has been executed through Adani Group subsidiary, Mah-Hill Properties.

The buyer has paid over Rs 10.46 crore towards stamp duty alone for the registration of the transaction that took place last week on March 27, showed the documents accessed through CRE Matrix.

It could not be ascertained if the plot will be developed into a high-rise structure or a bungalow.

The said property was previously under legal disputes, which were resolved through consent terms submitted to and accepted by the court, clearing the way for the transaction.

ET's email query to Adani Group remained unanswered.

South Mumbai’s Carmichael Road in Malabar Hill is one of India's wealthiest and most exclusive addresses, home to some of the country’s most influential industrialists and corporate leaders. Known for its ultra-luxury residences and historic mansions, this prestigious pin code houses homes of business tycoons.

This real estate micro-market commands among the highest prices in India, driven by its limited supply of properties, breathtaking views of the Arabian Sea, and proximity to financial hubs.