Lodha Developers, India’s second-largest listed real estate developer, has acquired development rights for a 4.3-acre property in Mumbai’s Malabar Hill for ₹106 crore. The property, owned by Sorabji Kanga Charity Trust, includes six bungalows, a chawl, and a Palacimo Co-operative Housing Society. Lodha will redevelop the land, excluding the housing society, and hand over 38,990.48 square meters to the Maharashtra Housing and Area Development Authority (Mhada).
The deal includes 5,017 square meters of Real Estate Regulatory Authority (RERA) carpet area, 150 car parking spaces, and a 42.5% trust share in the development. The market value of the property is approximately ₹621.71 crore, with Lodha paying ₹37.42 crore in stamp duty. The acquisition underscores Lodha’s focus on premium housing in established micro-markets.
Key Details:
– Location: Malabar Hill, Mumbai
– Land Area: 17,403.20 square meters (4.3 acres)
– Development Potential: ₹2,800 crore
– Revenue Sharing: 57.5% for Lodha, 42.5% for Sorabji Kanga Charity Trust
– Construction Timeline: 5 years
Lodha’s Growth Strategy
Lodha Developers has been actively replenishing its pipeline through outright acquisitions and development-right arrangements across Mumbai and the wider Mumbai Metropolitan Region. The company recently signed a joint development agreement with Sahana Properties and Resorts and Sahana Builders and Developers for a 10.26-acre land parcel in Mumbai’s Parel-Sewree division for ₹364.80 crore.
