By In a major real estate transaction, the Adani Group has acquired a highly sought-after land parcel in South Mumbai’s exclusive Carmichael Road locality. The purchase, made through its subsidiary Mah-Hill Properties, involves a 1.1-acre (approximately 4,500 square metre) plot for a staggering ₹170 crore. The deal was officially completed on March 27, 2025, with the group also paying over ₹10.46 crore in stamp duty, as per property records sourced by CRE Matrix, a property data analytics firm.
The plot currently houses a modest 2,760 square foot residential bungalow and is located in one of Mumbai’s most elite neighborhoods — just a stone’s throw away from the Municipal Commissioner’s official residence. The area, known for its high-profile residents and upscale real estate, is considered one of the most prestigious addresses in India, making this acquisition a significant move in the luxury property segment.
Rare Freehold Property with High Development Potential
What sets this deal apart is the nature of the land. Being a freehold property — a rarity in the Carmichael Road-Malabar Hill stretch — it offers immense potential for future development. Though the Adani Group has not publicly shared its development plans for the site, real estate experts speculate that the group may consider a luxury residential project or premium redevelopment, considering the location’s prestige and the scarcity of available land in the area.
The land was sold by Behram Nowrosji Gamadia, who inherited it from his family. The Gamadia family has held ownership since the early 20th century, making this one of the few remaining historical properties in the region. Interestingly, the plot was originally designated as a children’s park in the 1991 Development Plan, but this classification was altered during the formulation of the revised Development Plan 2034 by the Brihanmumbai Municipal Corporation (BMC), allowing the land to be used for residential purposes.
High-Profile Neighbors and Skyrocketing Real Estate Values
The Adani deal adds to a string of high-value transactions in Mumbai’s premium property market. Carmichael Road and nearby Malabar Hill have consistently attracted India’s wealthiest individuals, cementing their reputation as real estate hotspots.
In October 2024, Gaurav Trehan, CEO of KKR India, purchased a luxurious sea-facing apartment in the Morena House project on Carmichael Road for ₹88 crore. The apartment, spread across 5,381 square feet of carpet area, was acquired from JSW Realty. With a per square foot price of ₹1.63 lakh, the deal ranks among the most expensive in India’s residential real estate history.
Earlier in June 2024, Nadir Godrej, Managing Director of Godrej Industries, bought three upscale apartments in Ruparel House, Malabar Hill, for ₹180 crore. The area continues to see heavy demand from top business executives and industrialists due to its location, scenic views, and exclusivity.
In another major deal from April 2024, Lodha Group (Macrotech Developers) sold two luxury apartments in its marquee project Lodha Malabar on Walkeshwar Road for ₹270 crore to Anil Gupta, Chairman and Managing Director of Wellknown Polyesters Ltd. These sales underscore the region’s growing appeal among ultra-high-net-worth individuals.
Strategic Move by Adani Group
The latest transaction by the Adani Group is being seen as a strategic long-term investment in Mumbai’s elite real estate landscape. As the company continues to expand its footprint across sectors, this acquisition aligns with its broader interest in high-value urban development.
With land becoming increasingly scarce in South Mumbai, particularly in heritage-rich zones like Carmichael Road, securing such a sizable plot is expected to give Adani group a strong foothold in the city’s luxury housing sector. Market watchers will be closely monitoring the group’s next move, especially whether it intends to build ultra-premium residences or a signature commercial project.
While the details of the future development remain under wraps, the purchase itself has once again highlighted Mumbai’s position as one of the most expensive and desirable real estate destinations in the country — a place where history, wealth, and modern aspirations converge.
