The Adani Group has expanded its real estate portfolio by acquiring a coveted parcel of land on Carmichael Road, South Mumbai, through Mah-Hill Properties, its subsidiary. The transaction, completed on March 27, involves a 2,760 square feet plot that currently houses an ageing residential cottage. This acquisition highlights the strategic interest in one of India’s most sought-after neighbourhoods, reflecting the group’s ongoing efforts to invest in prime locations within the country’s high-value real estate market.
According to registration documents obtained by CRE Matrix, a real estate data analytics firm, Behram Nowrosji Gamadia, the heir of a property dating back to the early 20th century, recently sold a 4,500 square meter plot to Mah-Hill, the Times of India reported. A copy of the resolution approving the purchase of the property by Mah-Hill Properties was passed by the company’s board of directors, with the company’s address listed as Adani Corporate House in Ahmedabad.
The acquisition was formalised with a substantial stamp duty payment exceeding Rs 10.46 crore, as per documents accessed via CRE Matrix. Despite the transaction’s completion, the Adani Group has yet to disclose specific plans for the site’s development. The uncertainty surrounding future construction leaves open possibilities, ranging from a luxurious high-rise to a heritage-style bungalow. The group’s decision is expected to consider both market conditions and strategic opportunities within the exclusive Carmichael Road area.
Previously embroiled in legal disputes, the property’s acquisition was made possible through court-accepted consent terms, clearing the legal path for the Adani Group. This resolution underscores the group’s ability to navigate complex legal landscapes to secure high-value assets. Despite attempts to gain further insights, Adani Group has remained tight-lipped regarding its intentions, a common approach in high-profile real estate dealings.
Located in the Malabar Hill region, Carmichael Road is renowned for its high-value real estate, characterised by ultra-luxurious residences and proximity to significant financial hubs. The plot is located close to the municipal commissioner’s bungalow on Carmichael Road, now officially called M L Dahanukar Marg.
The area commands some of the highest property prices in the nation, driven by its limited property supply, scenic views of the Arabian Sea, and its status as a favoured location for prominent industrialists and business leaders.