by THO
Mumbai, the financial capital of India, is the costliest real estate market and a land-starved city. Despite the shortage of land, five big land deals, cumulatively worth more than ₹2,500 crore, were transacted in the city.
Here’s a look at the top five land deals in Mumbai real estate market in 2024
1. Century Textiles buys 10-acre land in Mumbai from Nusli Wadia for ₹1100 crore for real estate development
Century Textiles and Industries Limited (CTIL) in September 2024 announced that it has acquired the ownership rights of an approximately 10-acre leasehold land parcel in Worli, Mumbai, from Nusli Wadia for ₹1100 crore and expects ₹14000 crore from the real estate development on the site.
This acquisition in the prime location of Worli, Mumbai, will be developed through its wholly-owned subsidiary, Birla Estates Pvt Ltd. Worli as a location is at the forefront of the current bullish trend in luxury real estate, the company had said.
2. Runwal Group completes acquisition of Nerolac Paints’ land parcel in Mumbai for ₹726 crore
Paint and coating manufacturer Kansai Nerolac Paints in October 2024 had said that it had finalised the sale of its land parcel along with the building located in Mumbai’s Lower Parel area for ₹726 crore to realtor Runwal Developers.
Runwal Group plans to develop a luxury residential project on the land parcel, with a revenue potential of around ₹8,000 crore.
3. Shapoorji Pallonji group sells land parcel in Mumbai’s Juhu for ₹455 crore
In November 2024, Shapoorji Pallonji group sold a 19,589.22 sq ft land parcel in Mumbai’s Juhu area for ₹455 crore to Agarwal Holdings Private Limited, according to registration documents accessed by Square Yards.
“Agarwal Holdings Pvt Ltd has acquired the land parcel in Juhu locality of Mumbai, valued at ₹455 crore,” according to the documents.
4. Mahindra and Mahindra Ltd sells 20.5 acres of land in the Kandivali area for ₹210 crore
According to property registration documents by CRE Matrix, in July 2024, automobile manufacturer Mahindra and Mahindra Limited sold a 20.5 acre land parcel in Mumbai’s Kandivali area for ₹210 crore. The land was sold to Blueprintify Properties Pvt Ltd, a part of Pune-based real estate firm Rucha Group, and the transaction was registered on July 24, 2024.
Also Read: Mumbai real estate: Mahindra and Mahindra Ltd sells 20.5 acres land in Kandivali area for ₹210 crore
5. Equinix India buys 5597 sq m of land in Mumbai’s Chandivali for ₹155 crore
According to the property registration documents accessed by CRE Matrix, US-headquartered data centre firm Equinix India Pvt Ltd purchased 5,597 sq m (1.38 acres) of land in Mumbai’s Chandivali area for ₹155 crore in November 2024.
According to the documents, the land parcel and the building, which has a built-up area of 5,386 sq m, have been purchased. The company plans to strengthen its data centre presence in Mumbai.
Pan India land deals
According to a real estate consultancy firm CRE Matrix report, over 100 land deals spanning approximately 1,700 acres were closed in six major cities in India between January and September 2024. The land deal volume jumped 65% year-on-year compared to the 60-plus deals carried out during the same period last year.
According to the report, Delhi-NCR led land deal activity with an approximately 32% share, with Gurgaon accounting for the highest share at around 65% and Noida/Greater Noida at about 20%. This represents an approximately 65% annual increase in the number of deals compared to the same period last year.
Delhi-NCR was followed by Bengaluru, Mumbai, and Chennai, with around 22%, 12%, and 10% shares, respectively. These four cities accounted for a combined share of approximately 75% of the overall land deal volumes between January and September 2024.
