Adani Acquires Luxurious Property Worth Rs 170 Crores in Mumbai

Adani Group has taken a significant step in the real estate sector by purchasing valuable land in South Mumbai's Carmichael Road, one of the most expensive residential areas. The deal was finalized on March 27, 2025.

The purchase was made through Mah-Hill Properties, a subsidiary of Adani Group. The land, spanning 1.1 acres, was acquired for over Rs 170 crores, with an additional stamp duty of Rs 10.46 crores. These details were released by real estate consulting firm CRE Matrix.

Currently, the land houses a 2,760 square feet residential cottage, located in Malabar Hill, one of the most prestigious areas in Mumbai.

There is no clarity yet on what Adani Group plans to build on the land. However, real estate experts suggest that this location is highly favorable for development. Due to the scarcity of land in this area, it is considered a strategic investment.

The land was sold by Behram Navroji Gamadia, whose family has owned it since the early 1900s. According to the 1991 Mumbai Municipal Development Plan, the land was designated for use as a children's park. However, in line with the 2034 Development Plan by the Mumbai Municipal Corporation (BMC), it was categorized as residential land.

Carmichael Road has become a hub for some of India's wealthiest businessmen and industrialists. Its proximity to Mumbai's central business areas makes it one of the most valuable addresses in the country.

This purchase is part of a larger trend of high-value real estate transactions. For example, in October 2024, KKR India CEO Gaurav Trehan bought an ocean-view apartment at Morena House for Rs 88 crores. In June 2024, Nadir Godrej, chairman of Godrej Industries, bought three apartments in Ruparel House in Malabar Hill for Rs 180 crores. In April 2024, Anil Gupta, chairman of Welspun Polysters, bought two luxurious apartments at Lodha Malabar on Vakeshwar Road for Rs 270 crores.

This deal highlights the high demand for luxury real estate in Mumbai and clearly shows how top business leaders in India are investing their wealth in premium properties.